A „hunt“ for ILLEGAL PROPERTY from March, tax up to 75%

The Law on Determining the Origin of Property and a Special Tax at the rate of 75 percent will enter into force in mid-March this year, by which time the Tax Administration should provide a special unit that will deal with its collection.

The law was passed at the beginning of last year with a delayed implementation of one year and regulates the procedure for determining the property of a natural person, its increase, and a special property tax if a natural person cannot prove to have acquired it legally.

The Tax Administration initiates control procedure if in the „previous procedure it becomes probable“ that in a maximum of three consecutive calendar years in which the natural person increased the property, there is a difference between it and the reported income, higher than EUR 150,000 in dinar countervalue.

The burden of proving the property increase in relation to the reported income of a natural person is on the Tax Administration, and the burden of proving that the natural person has legally acquired property that is larger than reported is on that very person.

The Tax Administration had an obligation to form a special organizational unit for determining the origin of property, which includes immovable property, an apartment, a house, an office building and premises, a garage, land.

The property also includes financial instruments, shares in a legal entity, self-employment equipment, motor vehicles, vessels, aircrafts, savings deposits, cash, and other property rights.

The Tax Administration may use all types of records and data held by the competent authorities, and the procedure is conducted on the basis of risk analysis, in accordance with the annual guidelines issued by the Director of the Tax Administration and they are not publicly available.

Izvor: Beta

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