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Tax law: amendments to the regulations on the obligation to keep tax records

2016-04-08 | Tax Law

As of 1st January 2016, article 9a of the Corporate income tax act will be amended, specifying the obligation to keep tax records. Considering the above, the obligation to keep additional tax records will only refer to some taxpayers (specified in article 9a, item 1.1-3 of the Corporate income tax act), the income or costs of which, pursuant to the accountancy regulations, specified on the basis of the accounts, exceeded the amount of EUR 2,000,000 in the year preceding the tax year.

At the present time, the regulation 9a item 1 is qualifying the obligation to draw tax records in the following way:

1. Taxpayers:

1) whose revenues or costs, as per the accountancy regulations, established on the basis of the accountancy regulations, exceeded in the year preceding the tax year, the amount of EUR 2,000,000:

a) concluding transactions with the related entities, pursuant to article 11, item 1 and 4, affecting their gain (loss) or

b) including in the tax records some other events in the tax year, which conditions have been agreed (or imposed) with related entities, within the meaning of article 11 item 1 and 4, affecting their gain (or loss)

 or

2) paying directly or indirectly, the liabilities in favour of the entity having its address, legal office or headquarters on the territory or in the country applying unfair tax competition, resulting from transactions or another event included in the accounts, if the total amount (or its equivalent), resulting from a contract or the total amount of benefits, required in a tax year, actually paid in the tax year, exceeds EUR 20,000 or

3) concluding transactions with an entity with an address, legal office or headquarters on the territory or in a country applying unfair tax competition:

a) a memorandum of association of a company, which is not a legal person, if the total amount of the contributions of the partners exceeds the amount of EUR 20.000 or

b) the joint venture agreement or another agreement of a similar nature, where the value of the joint venture, specified in the agreement and if it is not specified in the agreement, the one provided as of the date of signing, exceeding EUR 20000

- are obliged to keep tax records of these transactions or other events, hereinafter referred to as the "tax records".

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