The Government approved amendment No. 310/1992 Coll. of the Building Saving Law No. 386/1996 Coll. on the State 1997 budget and amendments on other laws which allows legal entities to participate in the building saving program in order to expand building constructions.
According to the amendment, interest from such deposits should be taxed and legal entities would not receive the State Premium. However, they should be allowed to take similar advantageous loans as are available for physical persons (at 6% interest p.a. and 18 years maturity).
The information in this newsletter is correct to the best of our knowledge and belief at the time of going to press. Specific advice should be sought, however, before investment and other decisions are made.
For further information contact Mr Frank Walsh on +421 7 5340 545 Email directly on frank.walsh@arthurandersen.com.
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