Senate rejects accompanying tax laws


At a meeting on 12 September 2013, the Senate rejected the accompanying tax laws for a new Civil Code (NCC).

The rejected proposals included a tax exemption for dividends, preferential tax depreciation of tangible assets and investment fund advantage. The senators also rejected the draft law on property tax. These are tax changes that follow the new Civil Code and the Business Corporations Act (BCA), both of which were written as comprehensive material, as were other regulations effective from 1 January 2014. They refer to many accompanying laws, among which there are some that have not yet been approved.

The government in resignation, which considers the approval of the accompanying laws important, can now correct the amendments and resubmit them to the Senate. There are many possible options, for example, the issue of helping tax laws in the form of a statutory measure, possibly is also a variant that the whole NCC will be postponed by the legal measure. We will discuss together how to deal with the uncertainties that may arise in January 2014.

Moreover, during the Senate’s deliberations on 13 September 2013, an amendment was passed restricting the promotion of electricity generation from renewable energy sources, i.e. the so-called “solar tax”. The solar tax will be levied on electricity produced from 1 January next year, for as long as there is a right to support electricity production. However, its rate falls to 10% (now 26%). It will apply to power stations put into service in 2010, when the solar boom peaked.

© 2019 Moore Stephens. All rights reserved. Sitemap Privacy Policy Design by aboutblank - creative web design