Tax and legal news

The Ministry of Finance has submitted a draft for Liberation Package III at a meeting of the government. Liberation Package III postpones and extends some tax remissions, tax accessions, and administrative fees due to the crisis situation caused by the coronavirus.

On 29 May 2020, the Chamber of Deputies approved the retroactive use of past tax losses accrued in the tax period ending 30 June 2020 or later and regarding personal and corporate income tax. This applies to tax losses accrued in up to two preceding tax periods where the tax loss was created.

On 27 May 2020, the Chamber of Deputies approved in the first reading the abolition of real estate transfer tax of 4 per cent with retroactive effect.

On 29 May 2020, the Chamber of Deputies approved an amendment to the Social Security Act. It is actually an extension of the Antivirus Programme with regime C. It includes remission of social security payments paid by the employer for June, July, and August 2020, and it applies to companies with under 50 employees.

Penalties on late payments of social security and the contribution to the government’s employment policy paid by employers for the period May to July 2020 will be reduced by 80 per cent if the employers pay the payments by 20 October 2020 at the latest.

Penalties on late payments of health insurance paid by employers for their employees in the period March to August 2020 will not be collected by insurance companies .