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Croatia: New corporate income taxes affect foreign property owners

18. June 2010. | 08:05 08:07

Source: Croatian Times

The changes to the corporate income taxes that are expected to take effect on July 1, in addition to Croatian businessmen, will also affect some 70 thousand foreigners who own property in the country.

The changes to the corporate income taxes that are expected to take effect on July 1, in addition to Croatian businessmen, will also affect some 70 thousand foreigners who own property in the country.

Claiming the yachts, planes and vacation houses and apartments as business expenses will be possible only in cases in which such purchases generate at least five or seven percent of their cost value in income (seven percent for vessels and planes and five for apartments and houses).

This differentiation between private and corporate property will affect foreign property owners in Croatia.

That is because until February 2009, citizens of the European Union bought houses as firm owners rather than private persons because of a simpler procedure and tax benefits.

Many of the firms under which the purchases had been made were "dead" in terms of doing business, the Croatian daily Vecernji List reports.

This year, the state received billion kunas (138.6 million Euros) less in these taxes than last year. They expect a total decrease of 3 billion (416 million Euros) on the yearly basis because of fall in profit of companies

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