Changes in tax laws from 2014 approved!

The newly elected members of Parliament’s Chamber of Deputies debated late into the night on Wednesday, 27 November the legislative measures passed by the Senate. The new MPs were to approve the legislative measures in their first meeting, thus confirming their effect. In the end, both legislative measures affecting taxes were passed (an amendment to tax laws related to recodification and a new act on real estate acquisition tax). In our previous newsletters, we informed you about the most fundamental changes that will come into effect on 1 January 2014, which are as follows:

• Exemption from real estate transfer tax no longer applicable when contributing real estate to a company’s registered capital
• Changes in the liability for outstanding VAT
• Extension of the minimum holding period in respect of income from the sale of securities by private individuals
• Simplification of the requirements for creating adjustments to non-statute-barred debts
• Changes in the definition of the tax base and the notification of the General Financial Directorate regarding unrealised exchange differences.

The next issue of our newsletter will provide you with information about other changes that are to become effective in 2014.