Hi again! We have had an advice from our solicitor that tax in Morocco has increased this year from 14% to 20% and that therefore our staged payments will increase We have queried this but been advised that this was confirmed as being the case by Fadesa.

We do net agree with this as our contract clearly states the amounts we have agreed to pay which include the tax at 14% so just wondering if you are in the same position?

Rob.

Hi Rob.

I am aware of the TVA increas in Morocco, but as far I was concerned this was for new reservations only and not for people who had already signed their contract at 14%. I know that a lot of the developers including Fadesa, are in the process of lobbying the Moroccan hirerarchy to re-consider and as of yet no official announcement has been made.

I will continue to pay at the 14% rate until I hear otherwise as my contract clearly states the amounts inclusive of TVA at 14%.

I know that many constructors in Morocco are absorbing the extra TVA. If I was you do not pay a penny extra until you get official confirmation from the developer or some kind of official statement has been released with regards to the conclusion of the talks regarding TVA.

Regards
RED

Thanks for the advice which is along the lines of how we intend to proceed with this.

We were a little surprised that the solicitor had spoken to Fadesa and advised that we would have to pay the 20% going forward rather than contesting this, however we will be paying 14% and then see how things pan out.

Will keep you posted!

Rob.

Good news for those who have purchased in marrakech:

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Long may it continue.

Cousin of mine just got back from Marrakech today. We have both purchased on Atlas Golf. He said AP1 was two thirds finished and they expect completion in Jan 09.

He also said that Marrakech was booming and that new high end developments were spriging up all over the place. The city was buzzing with tourists everywhere.

Bodes very well for people who have invested in five star developments in Marrakech.

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has this sold out yet?

Very few left in phase 1.

Phase 2 due to be released in the next few weeks. Let me know if your interested.

Red its making good progress, the imges look great.

__________________
The Pain is being felt in Spain.

I also brought on Atlas golf, but now wish i never, getting information out of the company is a joke.
I have asked for the bank guarantees on several occasions without success, and i have tried to find out when the golf course will be completed, again with no responce.
At the rate they are bringing the 1,000 plus units on line we will have a building site for the next 10 years.