LAWS TO WATCH: General Tax Act
The proposed amendments align the existing legislation with the European Union (EU) tax policy. The amendments define the automatic exchange of information and the deadline for the exchange of information on the five categories of income and capital – pensions, income from employment, receipts of members of boards and governing councils, property ownership and income from property and property rights and, lastly, life insurance products not covered by other legal instruments of the EU.
The automatic exchange of information is defined as a systemic delivery of predetermined information to other Member States regarding the residents of those Member States, without the prior requirements and in the pre-established regular intervals. The amendments also state that the Minister of Finance shall regulate the definitions and rules for reporting and in-depth analysis through an Ordinance.
Proposed by: Ministry of Finance
Note: Legislation sent to urgent Sabor procedure