Statutory tax measures

The first measure changes the tax law in relation to the new Civil Code. The Senate has changed the government draft in some parts compared to the original bill. For example, the taxation of investment funds has been changed in the way that it is still governed by the current legislation. Moreover, a statutory measure concerning real estate acquisition tax has been approved.

The purpose of passing the statutory measures is the new Civil Code coming into effect on 1 January 2014. The package of tax changes aims to harmonise the tax terminology with the new Civil Code. In addition, the statutory measure revokes the current Inheritance and Gift Tax Act and implements it into the Income Tax Act. The statutory measures will need to be approved by the newly elected Chamber of Deputies when it assembles after the elections.