Regulatory Alerts2016-08-11
Added · Updated
Law of 3 August 2016 establishing a new annual tax on credit institutions replacing existing annual taxes, deduction limitation measures for corporate income tax, and the financial stability contribution
This law introduces a new annual tax on credit institutions calculated on the arithmetic mean of their average liabilities to clients, replacing previous annual taxes. It increases the applicable tax rate from 0.0435% to 0.13231% and grants exemptions to central depositaries and clearing entities. The legislation also amends the Estate Duty Code and the Income Tax Code 1992 by abolishing specific provisions and adjusting references to limit corporate tax deductions. For the 2016 tax year, transitional rules apply, allowing credit institutions to base their tax on December 31, 2015, liabilities and pay by November 15, 2016, with credits for previously paid taxes and the financial stability contribution.
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