Starting on the 1 November, 2016, a new amendment of the Senate Statutory Provision No. 340/2013 Coll., On Acquisition of Property, which introduces the unification of the responsibility to pay the respective tax by the purchaser, is to become effective.
Furthermore, the amendment introduces several other changes concerning this area, such as exemption from the property acquisition tax for local authorities, simplification of the exchange tax base assessment and cancellation of the necessity of a presence of a guarantor the tax payment.
The government drew inspiration from similar concepts in other European countries and predicts possible decrease in prices of property and reduction of the administrative burden on the financial authority clerks. The amendment will also facilitate collection of unpaid taxes since the information on the payer will be easier to find.
If you are planning to purchase property after the amendment has come into effect, our tax team is ready and willing to assist you with the related report.
