Банкеръ Weekly

Briefs

TAX LAWS MAY BE DELAYED

The members of the parliament presumed that amendments to the five tax laws might not be adopted by the end of the current year, learnt the BANKER weekly. Problems originated from the Law on Corporate Income Taxation which contains most of the planned amendments. According to experts, this is the text that can most easily be delayed because in the beginning of 2003 companies will be busy with calculating their 2002 profits. Unlike this law, the laws on VAT and excise duties must be clear from the very first day of the new year. The laws on municipal and patent taxes cannot be delayed either.The latest variant of the amendments to the Law on Corporate Income Taxation was discussed by the very end of last week. It is quite different from the draft approved by the government and voted by the parliament on first reading. For example, it was decided that low capitalization regulation should be applied for leasing and bank loans only when the sides in a deal are related with each other. Art. 23 which refers to the calculation of the assessed taxed profit has been thouroughly amended. This week's agenda of the Budget committee includes the Law on Taxation of Individuals Income and the Law on Excise Duties (the session of the committee is held on Tuesday). The Law on Municipal Taxes and the Law on Corporate Income Taxation may be discussed Thursday, but it is unlikely that all of them become approved during the current week. Meanwhile, in the two weeks (from 9 to 23 December) left until the start of the parliament's Christmas holiday the parliament must also adopt the laws on the state budget, the budget of the state public insurance, and the healthcare fund budget. Because of the introduction of the minimum insurance rates, the amendment to the Obligatory Public Insurance Code should be adopted by all means. It seems an absurd, though, because the change of the insurance income (the rates) is just a small part of the enormous draft law which changes considerably the activity of the pension funds. Since the draft of the new code caused disagreement among the pension funds, it's almost certain that it won't be voted by the end of 2002. This will reflect on the new insurance rates, although their concrete amount will be defined by the law on the state public insurance budget. As a result, corporate accountants will grow nervous as they use to pay salaries in advance.

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