As mentioned in our HRS Headline of 8 February 2013, at the initiative of the previous Minister of Finance, a pre-draft tax bill was approved in February dealing with sustainable development.
The draft legislation, which was tabled in Parliament on 17 April 2013, was approved by the Chamber of Representatives on 16 May 2013 and is expected to be finalised soon.
Among other things, it aims to affect certain tax measures under the Economic Recovery Plan (Relanceplan) 2012. One of these is the increased partial exemption from transferring wage withholding taxes for R&D activities, from 75% to 80%. It is anticipated that this measure will become effective in the month following publication in the Official Gazette.
