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29 July 2012

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Tax Code amendments - enacted

On 7 June 2012, Official Gazette no. 384 published Emergency Ordinance no. 24 for amending the Tax Code. The provisions will enter into force from 1 July 2012, unless otherwise indicated.

The major amendments are summarized below.

Direct taxes

The amendments of the European Union Parent-Subsidiary Directive (recast) (2011) are implemented. No substantial changes are included.

The limited deduction (i.e. 50%) for corporate and individual income tax purposes of fuel expenses incurred in relation to vehicles (with a maximum weight of 3,500 kilograms and a maximum of nine seats, including the driver's seat) that are not used solely for economic purposes is applicable to all expenses related to such vehicles.

The limited deduction for corporate income tax purposes applies also to operation and maintenance expenses incurred in relation to vehicles used, not solely for economic purposes, by persons with management and administrative functions (limited to a single vehicle per individual).

Depreciation expenses are not covered by the provisions above.

With effect from 1 January 2013, the obligation for taxpayers deriving capital gains from the disposal of securities in listed companies to submit quarterly statements and make advance payments will be eliminated. Net profit/losses will be determined on an annual basis.

With effect from 1 January 2013, the provisions implementing the Mutual Assistance Directive [for the exchange of information] (77/799) will be abolished. From that date, the Mutual Assistance Directive [on administrative cooperation in the field of taxation] (2011/16), previously implemented by the Fiscal Procedures Code will enter into force.


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