The programme draft Bill for 2007 contains various fiscal proposals. The most important ones are described below:
Special provision for cash companies
A new Art. 422ter of the Income Tax Code (ITC) will be introduced to provide that each corporation or individual, who alone or together with his spouse and/or their descendants or ascendants and relatives in the second degree, owns directly or indirectly at least 33% of the shares in a domestic company is severally liable for existing tax debts if:
| - | at least 75% of the shares are transferred within 1 year; and | |
| - | at least 75% of the equity of the company, at the time when the purchase price for the shares is paid, consists of claims, financial fixed assets, cash investments and/or cash. |
The several liability comprises tax debts for the taxable period in which the transfer took place and the 3 preceding years.
Furthermore, the sellers of the shares are severally liable for the deferred tax on capital gains realized on tangible and intangible fixed assets if these capital gains are not re-invested within a period of 3 years.