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Revaluation of tangible assets, namely the determination of fair value is required to provide a fair image of its financial position and performance. This activity is performed by authorized persons. The value differences may be additional when the fair value is bigger than the book one, or less when it is smaller. The accumulated depreciation to the revaluation date may be recalculated in proportion to the change of the gross asset value or it can be removed from the gross asset value. The entity may record reserves, expenses and corresponding revenues, depending on the plus or the minus of the value. For tax purposes, among the deductible expenses in the calculation of the income tax there are accepted only those related to the reserves’ depreciation, on the condition that they are considered taxable income. The calculation of the income tax, the establishing of taxes on buildings, the revaluation of tangible assets and, especially, the buildings revaluation should be treated with great care and professionalism, due to the fact that they involve fiscal effects. |
