AmCham continues cooperation with Finance Ministry on Tax Reform
Both essential laws in that area – Tax Procedure Code and Income Tax Act – have been discussed in detail with Deputy Minister of Finance Mr. Peter Chrenko and his team. Following discussions, AmCham submitted a set of comments on both draft bills.
Paragraphed version of the first of above mentioned laws has been finalized by the Ministry and sent to the Legislative Council of the Government this month. The Council took an extensive standpoint, which listed some of the proposals from our position document. Advocacy effort will continue in the Parliament. On September 29, the second round of discussions on the new Income Tax Act Consultation document with Mr. Chrenko was held. AmCham agreed to put together a position document on the law and submit the comments before the deadline October 13. Paragraphed version of the act should be finalized before the end of this year. The new Income Tax Act is expected to come into effect in 2010. At the same time, AmCham has been asked to give a hand and come up with wording of provisions on tax pooling, financial leasing, improvement of effective § 24 (2) ITA, exit tax and participation exemption. Special task force will be set up for that purpose. For more information, please contact Andrej Kandráč at akandrac@amcham.cz or 602 790 012.
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