Amendments under way with postponed effectivity

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. Among the proposed VAT changes are those that relate to reduction of sanctions on incorrectly submitted VAT control statements (more information is in our February 2016 KempHoogstad Tax News).

With respect to slow progress in Parliament, it has been proposed to postpone the effectiveness of the amendments from 1 April 2016 and 1 May 2016, respectively, to the beginning of the third calendar month after publishing the act (regarding the amendment to the Real Estate Acquisition Tax Act) and to the day of publishing the act (regarding the amendment to the VAT Act). We can expect the acts to come into effect in the autumn at the earliest.