Today, land transfers are subject to 2% stamp duty, which is treated as a tax deductible cost. The new law will exempt land transfers from stamp duty, and make them subject to VAT (like buildings or other assets). However, as the draft keeps changing, it is difficult to assess the exact impact of this new legislation at this stage, in particular as far as the terms of the deductibility and the refund of such VAT are concerned. It is likely that they may differ from the general rules.
The new law is supposed to come into force on 1 May 2004. We will inform you of its exact scope in relation to land transfers as soon as it is voted on.
For further information please contact Piotr Szafarz at piotr.szafarz@cmck.com or Arkadiusz Michaliszyn at arkadiusz.michaliszyn@cmck.com
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