Tax and legal news

The Chamber of Deputies is discussing the amendment to the Real Estate Acquisition Tax Act and also the VAT Act that has been proposed with respect to the new Customs Code.

The increase in tax benefits in 2016 has been approved.

Since May, the amended provision of Section 101(a) of the VAT Act is in effect which adjusts the electronic submissions related to VAT.

The Act on Electronic Record-keeping of Cash Sales has been published in the Collection together with the respective accompanying act.

The Ministry of Finance has prepared amendments to some tax laws that should become effective from 2017. The amendment concerns, among others, the Income Tax Act, the VAT Act and the Tax Code. The amendments are currently under review. We briefly describe some of the proposed changes.

As we pointed out last year, the application of a VAT exemption to the transfer of real estate has undergone fundamental changes as of 1 January 2016, especially in the case of the transfer of land intended for development or the transfer of buildings that have been renovated. The VAT Act provides a new definition of “building land” and a new approach to restarting a three-year period for the compulsory application of value-added tax to the sale of buildings after the so-called “substantial change”.