(Tax News Reporter - Week ended 10 December 1996)
According to a so far unpublished Government Regulation, insurance premiums can be deducted for profits tax purposes up to 1% of the turnover as from 15 November 1996. Earlier this year the deduction for insurance premiums was "temporarily abolished". The scope of the current exemption is wider than the earlier one: premiums for voluntary insurance of transport vehicles, property, civil liability of organisations, sources of increased danger, liability of transporters, professional liability, life and medical insurance are covered. In order to enter into force, the Regulation must be officially published and registered with the Ministry of Justice. We will advise readers when this happens.
Government Regulation of 22 November 1996 No. 1387
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