On 10 October 2013, the Senate passed the legislative measures amending the tax legislation related to the reenactment of private law.
The legislative measures have taken over the majority of their content from the previously rejected tax proposals. The originally proposed tax exemption of dividends for individuals was excluded and thus will not be applicable. As for the investment funds, the legislative measures reverted to the original 5 % tax rate. The possibility to claim the so-called „extraordinary depreciation“ was rejected as well.
The legislative measures must be approved by the Assembly of Deputies at its first meeting. Should the Assembly of Deputies not ratify them, they shall cease to be in force.
We will keep you updated on further development of the issue.