16th Edition of REal Knowledge Newsletter available now!

In this 16th REal Knowledge Newsletter we are presenting the latest news about changes in commercial real estate laws and tax regulations. This edition of the newsletter contains information about deadlines for CIT returns, minimum corporate income tax as well as deferred tax in the financial statements of a real estate company. We also present changes triggered by Fit for 55 for real estate sector.

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TAX

Deadlines for CIT returns

A number of mandatory CIT deadlines expire at the end of March, so it might be beneficial to prepare all required documents in advance.

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Minimum corporate income tax

Minimum corporate income tax Beginning from 1 January 2024, the exemption (which was introduced via a regulation in 2022) from the new minimum corporate income tax, as governed by the CIT Act, is no longer valid. The said minimum CIT amounts to 10 percent of the tax base. It is applicable to corporate income taxpayers that incurred a loss from operating activities and those whose break-even point, i.e. share of income in operating revenues, was not more than 2 percent during a tax year.

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BUSINESS PROCESS SOLUTIONS

Deferred tax in the financial statements of a real estate company

With the financial year coming to an end, businesses might want to look into the deferred tax, which is an important topic for real estate entities. There are issues specific to that industry and business events can be accounted for differently depending on whether they are recognised for accounting or tax purposes.

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ESG

Changes triggered by Fit for 55

Buildings are responsible for nearly 40 percent of global CO2 emissions. It is estimated that the total floor area of buildings in use will increase by 75 percent in the period 2020–2050. As in other sectors, there is a need to raise the reduction targets from well below 2°C to 1.5°C.

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