The president signed a novella of the Act on inheritance and donation tax

The president signed the novel of the Act on inheritance and donation tax – the president's office said on Friday. It tolerates, among others The obligation to present a notary contract for the sale of certificates from the tax authorities about exemption from tax, e.g. inheritance or donations received from the immediate family.

The purpose of the amendment is to limit bureaucratic duties in a situation where a notary contract is concluded or burdened with property or property rights that the seller obtained in a free way, e.g. as part of the inheritance. Currently, in order for such a contract to be prepared, the seller must provide a tax certificate that the acquisition is exempt from tax, that the tax due was paid or that the tax liability has expired as a result of limitation.

The amendment assumes no obligation to obtain a certificate from the Tax Office, if the sale concerns the property received from the closest family members, as it is exempt from inheritance and donation tax. The condition of this exemption is notification of the purchase in the form of a donation to the competent head of the tax office within 6 months from the date of the tax obligation or – in the event of inheritance – from the date of the court's decision determining the acquisition of inheritance and documenting the receipt of funds in the cases specified in the cases specified in the Act.

In addition, the amendment proposes provisions that will allow comprehensive estimation of the value of the pension established privately. This will allow the donor and recipient to submit a tax declaration once, as well as one -time tax payment. Currently, both parties make such declarations at each payment of a pension, i.e. practically every month.

The changes in this respect are to simplify tax settlement in the event of acquiring the right to benefits. Pursuant to the provisions introduced, if the subject of the acquisition is the right to benefits, the tax obligation is to arise upon their establishment (if the value of the benefits is determined at the date of their establishment) or at the time of providing individual benefits.

The amendment also assumes that when determining the value of benefits, they are assumed: their total value for the period for which they were established (if for indefinite, in 10 years), and in the case, when their value is determined as at the date of their establishment – for the entire duration of the obligation to benefit or the value of individual benefits. In addition, the head of the taxpayer may substantiate the value of benefits for the period for which they were established or for a period of 10 years, when they were established for an indefinite period.

As a rule, the Act is to come into force after 14 days from the date of publication. (PAP)

JLS/ MALK/