Czech News - October 1997 - Anticipated Changes In The Czech Tax System - Inheri

The Ministry of Finance has presented an amendment of the Inheritance, Gift and Real Estate Transfer Tax Act to the Government.

Under the amendment, the transfer of gifted or inherited real estate up to the value of CZK 1 Million between "close" persons would be gift/inheritance tax exempt.

The amendment proposes that the contribution of real estate to the capital of companies will not be exempt from real estate transfer tax as it is at present, and hence will be subject to 5% tax as for other transfers of real estate.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

For further information on the above, please contact Mr Richard Fletcher by telephone on +420 2 2440 1300 or E-mail directly to richard.g.fletcher@arthurandersen.com

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