Act XIII of 2015 has introduced certain new changes which have become legally in effect as from 1st January 2015 unless otherwise provided for:
1. Definition of “company” to include other commercial partnerships such as civil partnership, and partnerships en com collectif. The latter now have to opt out of such a definition rather than being automatically excluded as per previous rules.
2. Definition of “married couple” and “married individual” extended to persons who have registered their partnership as a civil union in accordance with the legal provisions of the country where the marriage or civil union was executed.
3. New property tax introduced to replace the previous capital gains regime on transfer of immovable property. In a nutshell, the new provisions provide for the following new rates:
a. 8% tax on property transfer value on immovable property forming part of a project
b. 5% tax on property transfer value on immovable property not forming part of a project.
c. 2% tax on property transfer value on immovable property originally acquired as an own or habitual residence, with such property being sold not more than three years from its original date.
4. New tax deduction of a maximum of EUR 150 per child whose parents contribute to school transport for church or private schools.
5. New progressive tax rates applicable to single, married and parent rates.
6. A 7% final tax applicable to waterpolo income as previously provided to football income.