DESCRIPTION:
Legislation defining the tax-deductible interest on loans and mortgages (i.e. Tax-deductible interest is a borrowing expense that a taxpayer can claim on a federal or state tax return to reduce taxable income).
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| eira:ABB | eira:BindingInstrumentRequirement |
| dct:modified | 2023-06-26 |
| dct:spatial | National |
| dct:identifier | http://data.europa.eu/eli/dir/2009/65/oj |
| dct:title | Legislation on the deductible tax es on loans and mortgages |
| skos:example | For instance, in Belgium, taxpayers can deduct the interest paid on their mortgage from their taxable income, subject to a maximum limit. In Spain, taxpayers can deduct 15% of the capital repaid on their mortgage, up to a maximum of €9,040 per year. These examples illustrate the diversity of regulations across the EU, reflecting the different economic and housing market conditions in each member state. |
| eira:concept | eira:ArchitectureBuildingBlock |
| skos:note | The EU does not have a unified regulation on deductible tax on loans and mortgages. Instead, each member state has the autonomy to develop its own regulations in line with EU guidelines. These regulations typically allow taxpayers to deduct the interest paid on loans and mortgages from their taxable income, subject to certain conditions and limits. The aim is to encourage home ownership and investment, while also ensuring tax fairness. |
| skos:definition | The national regulation inside the member states of the European Union that develops the EU regulation regarding 'Legislation on the deductible tax on loans and mortgages' refers to the specific laws and guidelines set by each EU member state to implement and enforce the EU's overarching rules on tax deductions for loans and mortgages. These regulations vary by country, reflecting the unique economic and legal contexts of each member state, but all aim to align with the EU's broader objectives of promoting financial stability, fairness, and transparency. |
| eira:definitionSource | European Union |
| eira:definitionSourceReference | https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32009L0065 |
| eira:view | LV-Binding Power and Jurisdiction |