PwC

Blickpunkt Osteuropa

Blickpunkt Osteuropa

Amendments to the Corporate Income Tax Law


23 November 2018

 

On November 20, 2018, Government of the Republic of Serbia submitted for adoption the draft Law on the Amendments to the Corporate Income Tax Law („the Draft CIT Law“). It is expected that the proposed CIT Law amendments will soon be adopted by the National Assembly of the Republic of Serbia. Weiterlesen

Further important changes in income taxes and the Polish Tax Code


August 2018

In Brief

On 24 August 2018 r., a draft law changing significantly income taxes and the Polish Tax Code was published on the Government Legislation Centre’s website. The main purpose of the new regulations will be to simplify the Polish tax law related to income taxes, the introduction of new tax incentives and further development of the anti-avoidance measures. The plan is that the changes will come into force on 1 January 2019.

The main changes aiming at simplifying the regulations and introducing new tax incentives

  • 5% preferential PIT and CIT rate on incomes/gains from intellectual property rights resulting from R&D works (Innovation Box);
  • 9% preferential CIT rate for taxpayers with revenues not exceeding EUR 1.2m in the tax year;
  • deemed deduction of hypothetical interest (notional deduction – maximum of PLN 250ths in the tax year) on equity used for re-investment purposes;
  • new regulations relating to the purchase of debt portfolio, in particular allowing to recognize the full cost base of acquisition of receivables provided that there is no possibility to recognize losses for tax purposes;
  • withholding tax exemption for interest and discount obtained by non-residents from Eurobonds;
  • new regulations concerning virtual currencies trading.

The main changes in anti-avoidance measures

  • introduction of so-called exit tax, i.e. the tax on transfer of assets abroad or change of tax residency of the taxpayer;
  • introduction of so-called mandatory disclosure rules i. e. the obligation to notify information on tax schemes to the tax authorities;
  • further anti-avoidance changes both with respect to General Anti-Avoidance Rule as wells as specific anti-avoidance clauses included in income tax regulations;
  • introduction of additional tax liability in case of tax assessment resulting from anti-avoidance rules;
  • completely new mechanism of settlement of withholding tax in relation to payments exceeding PLN 2 m. per annum for each taxpayer – generally, the remitter will be obliged to collect withholding tax at the domestic rate. The taxpayer or remitter that incurred the economic cost of tax will be entitled to apply for refund of tax to the tax authorities;
  • further changes in CFC regulations

What does it mean for me?

The amount and importance of proposed changes will have a significant impact on tax settlements.

Ukraine Update: Ukraine’s Parliament adopts new law “On Currency and Currency Operations”


On 21 June 2018 the Ukrainian Parliament adopted a law “On currency and currency operations” (the “Law”)  *designed to ease the existing currency control regulations in Ukraine.

Unlike the previous legislation, this Law establishes a new rule “anything that is not explicitly prohibited is permitted”.

Among the most recognisable changes introduced by the Law are the following:

abolishment of the requirement to obtain a license for investing abroad for individuals and legal entities;

it is no longer required to register loans provided by non-residents with the Nationalbank of Ukraine;

no maximum term for settlement of liabilities under foreign trade operations, etc.

The Law takes effects even months after its signing by the President of Ukraine and its official publication.

*Law “On Currency and Currency Operations” No.8152 dated 19 March 2018

 

Romania: Who can benefit from the European Commission’s proposals for restructuring the VAT system


In brief

The European Commission has published its proposals for restructuring the VAT system, including the introduction of the Certified Taxable Person (CTP) concept. The concept and authorisation criteria are similar to those for AEO and offer significant benefits to reliable taxable persons.

In detail

The European Commission has published its proposals for amending European Union Council Directive 2006/112/CE on the common system of value added tax (VAT Directive) and other VAT normative acts.
The Commission’s proposals are aimed at, among other things, introducing the notion of CTP, which is similar to the existing customs concept of Authorised Economic Operator (AEO). CTP represents a category of reliable taxable persons with certain benefits starting in the transition period to the new VAT system, as of 1 January 2019, such as:

• less restrictive rules for the application of simplification measures applicable to call-off stocks;
• simplified intra-Community chain transactions (triangular operations);
• simplified process for justifying the exemption for intra-Community supplies of goods.

The takeaway

Companies which obtain AEO authorisation by the time of applying the European Commission’s proposed provisions will be able to obtain the CTP status more easily and enjoy new VAT benefits as of 1 January 2019.

Worldwide Tax Summaries – Corporate Taxes 2017/18


PwC’s Worldwide Tax Summaries – Corporate Taxes 2017/18 is now available as an eBook or PDF for download. This free reference guide provides quick and easy access to details about corporate tax systems in 157 countries, updated with the latest information as of June 1, 2017. Available on most devices, each country update is written by local PwC tax specialists and continuously enhanced with additional content, including the latest changes in legislation, residency, gross income, deductions, tax credits and incentives, tax administration and other taxes and tax rates.

Download the PDF or eBook versions of the latest guide at www.pwc.com/taxsummaries. There, you will also find tax information that is updated in real-time for all 157 countries through our enhanced online and quick chart tools.

We hope that Worldwide Tax Summaries continues to be a useful reference in helping you handle your organisations’ taxes around the world. If you would like more detailed information or advice on any aspect of tax, please do not hesitate to contact your regular PwC contact.

wwts-corporate-taxes-2017-18-flyer

Handelspartner und Investitionsstandort Bulgarien am 30. März 2017, PwC Berlin


Business Breakfast mit dem bulgarischen Wirtschaftsminister:

Handelspartner und Investitionsstandort Bulgarien. Herausforderungen und Erfolgsgeschichten

Der Osteuropaverein der deutschen Wirtschaft e.V. und die PricewaterhouseCoopers GmbH laden zum traditionellen gemeinsamen Business Breakfast ein, bei dem dieses Mal der Handelspartner und Investitionsstandort Bulgarien im Mittelpunkt steht. Ehrengast ist S.E. Professor Dr. Teodor Sedlarski, Wirtschaftsminister der Republik Bulgarien.

Nach einem Impulsvortrag von Herrn Stefan Ionkov, Leiter der Wirtschaftsabteilung der Botschaft der Republik Bulgarien in der Bundesrepublik Deutschland, berichten Unternehmen über Erfahrungen, Herausforderungen und Erfolgsgeschichten ihres Bulgarien-Geschäfts.

Anmeldung und weitere Details über Ina Enache: ina.enache@de.pwc.com.

Agenda

Estland: Gute Nachrichten für multinationale Konzerne


Zu der wahrscheinlich beachtenswertesten Änderung im Steuerrecht, auf die sich die neue Koalition geeinigt hat, gehört die Befreiung der Kapitalerträge aus der Veräußerung eines Anteils an einer ausländischen Tochtergesellschaft von der Körperschaftssteuer. Dies würde Estlands Attraktivität als Holdingstandort für multinationale Konzerne erheblich steigern.

Wenn beispielsweise eine estnische Holdinggesellschaft heute die Mehrheit ihrer Anteile an einer lettischen Tochtergesellschaft veräußern würde, würden die Nettoerträge bei späterer Verteilung als Dividenden der estnischen Körperschaftssteuer unterliegen. In vielen anderen europäischen Ländern würden Holdinggesellschaften in dieser Situation jedoch ganz oder teilweise von der Körperschaftssteuer befreit werden. Estland ist bei den Voraussetzungen für multinationale Holdinggesellschaften ganz klar in Verzug geraten. Es bleibt nun ein detaillierter Gesetzesentwurf des Finanzministeriums abzuwarten, der in naher Zukunft hoffentlich die richtigen Bedingungen dafür schaffen wird, dass Estland dem Wettbewerb um multinationale Holdinggesellschaften beitreten kann.

Tschechische Republik: Die Höhe der für eine Insolvenzforderung zu entrichtenden Mehrwertsteuer wurde erneut berichtigt.


Das tschechische Oberste Verwaltungsgericht hat die gegenwärtige Verwaltungspraxis im Zusammenhang mit einer Berichtigung von Umsatzsteuer für Insolvenzforderungen geprüft. Bisher wurde Artikel 44 Absatz 1 UStG vom Finanzministerium und der Generaldirektion für Finanzen dahingehend ausgelegt, dass Berichtigungen für Forderungen, die bei Eintritt der Zahlungsunfähigkeit des Schuldners länger als sechs Monate bestanden haben, möglich seien. Nun kam aber das Oberste Verwaltungsgericht zum Ergebnis, dass Berichtigungen nur für Forderungen in Betracht kommen, die spätestens sechs Monate vor Insolvenzeröffnung entstanden sind. Vor dem Hintergrund dieser Entscheidung ist eine Überprüfung der von der neuen Rechtsprechung betroffenen Forderungen aufgrund möglicher Steuerermäßigungen sehr empfehlenswert.