Act No. 128 / 1948 Coll.
Law on financial relief in the organisation of monetary and certain transfers of assets to national enterprises
Valid
Effective from 04.06.1948
128.
Law
of 5 May 1948
on financial relief in the organisation of monetary and certain transfers of assets to national undertakings.
The Constitutional National Assembly of the Czechoslovak Republic decided on this law:
Relief in the organisation of relationships in monetary matters.
(1) Transfers of property rights and obligations of a money institution (principal or subsidiary) which cease to exist by merger or liquidation at the order of the Ministry of Finance or with its consent given in the public interest, to another monetary institution shall be exempt from legal fees, real estate and trade tax securities.
(2) Library records of the transfer of rights for the benefit of the dying institution to the institution receiving the transfer exempted under paragraph 1 shall be exempt from the deposit fee. Submissions for such entries shall also be exempt from fees.
The instruments on the recognition of debts arising from loans granted by a dying monetary institution shall be subject only to a fixed stamp fee of 12 CZK, provided that they are issued only for the purpose of carrying out transfers of assets referred to in § 1 and do not contain a certificate of the establishment of a lien.
If they are transferred, when the assets of a money institution which has ceased to be incorporated or disposed of, and the liabilities of the pension or support fund or other provision facility, which have been separate legal entities and served the purposes of social security measures of the employees of the merging institution, to a new holder of insurance or provision, the legal proceedings, documents and bookkeeping necessary to carry out such transfers of property rights and obligations shall be exempt from charges.
(a) if the official statement by which or according to which the transfer or transfer of the property rights and liabilities of the money institution (principal or subsidiary) had been effected between 30 September 1938 and 4 May 1945 is cancelled or amended; or
(b) if the Ministry of Finance declares that the transfer or transfer of property rights and liabilities of the defunct monetary institution has taken place under pressure of hostile occupation or national, political or racial oppression,
and where the same property rights and liabilities are transferred to another monetary institution, whether permanent or newly established, the provisions of Sections 1 to 3 shall apply mutatis mutandis to such transfers.
The Ministry of Finance, or under its directives, may, at the request of the Office, authorise exemptions from fees or reductions in fees from legal acts, documents and official acts in so far as they relate to the adjustment of cash-flow ratios carried out in the public interest, even if the conditions laid down in the previous provisions are not met.
Relief for transfers of assets to national enterprises.
(1) If the State transfers additional assets to the national undertaking after its establishment, the legal documents and library records necessary for the execution of such transfer, unless they are already entitled to exemption under other provisions, shall be exempt from the fees. This also applies to transfers of parts of the assets of a national undertaking to another national enterprise (integration) carried out at the time of the merger, division or cancellation of national undertakings.
(2) The additional taxation of reserves pursuant to Paragraph 80 (1) of the Law of 15 June 1927, No 76 Coll., on direct taxes, as amended by the laws amending it, does not occur if more than one national enterprise in a national enterprise blends together one (fusion) if the entire property of one or more national enterprises is incorporated into another national enterprise or if the national enterprise dies by dividing the property into two or more new national enterprises or by integrating it into two or more other national enterprises. The precondition for such concessions is that transfers of assets take place at the most in the final balance sheet values of the merging national enterprise. Paragraph 80 (2) of the Second Direct Tax Act also applies to these cases.
Legal acts, documents and library entries on free transfers of assets between national enterprises, where the value of such assets is also reduced and the collective wealth of such enterprises is increased by one another, shall be exempt from charges.
Where all or part of the assets of an undertaking belonging to a legal person whose capital is solely involved in the establishment of a national undertaking are transferred to a national undertaking, the legal proceedings, documents and library records of such transfer shall be exempt from the fees, unless they are subject to exemption under other provisions; If a national undertaking becomes part of a legal entity at a later stage for the purpose of its completion, it shall be granted a personal exemption from fees for those transfers.
Provisions common and final.
If the assets are transferred as specified in the section In the case of a transfer of assets, the transferee shall pay the fee equivalent of such assets from the date on which the assets in question were transferred, if that date is the first day of the calendar quarter, otherwise the first day of the calendar quarter closest to the following.
The re-entry of the same right in the land register for a previously authorised person (owner or creditor) shall be exempt from the deposit fee, even if it is not carried out in the legal proceedings in dispute or in execution.
For transfers of immovable property subject to the provisions of Section I or II, does not prescribe and does not levy a municipal levy on the increase in the value of real estate.
(1) Supplies (after own consumption) for asset transfers exempted under the provisions of the Section I or II shall be exempt from turnover tax. Paragraph 11, paragraph 5, first sentence and Section 11, paragraph 6 of the Act of 21 February 1946, No 31 Coll., on turnover tax, however, remain unaffected.
(2) The Ministry of Finance, or under its directives, may, in cases covered by Section 5, authorise, upon request, exemption from or reduction of turnover tax.
(1) The exemption from charges under this Act also applies to legal acts, documents and official acts which resulted in a charge obligation before the application of this Act in the Czech and Moravian-Silesian countries after 15 March 1946, in Slovakia after 31 December 1944. However, the fees paid are not refunded.
(2) The exemption from turnover tax (Section 12, paragraph 1) also applies to supplies (and own consumption) for which the tax obligation was incurred before the application of this Act in the Czech and Moravian-Silesian countries after 28 February 1946, in Slovakia after 31 December 1944.
(3) The Ministry of Finance, or under its directives, may grant the relief referred to in paragraph 1 or 2 upon request, in justified cases, also where a charge or tax is incurred prior to the dates indicated therein.
(4) Paragraph 6 (2) also applies to cases brought before the application of this Act.
This Law shall enter into force on the day of its publication and shall expire on 31 December 1953; It shall be carried out by the Minister for Finance, in agreement with the Minister for the Interior, as regards the municipal property increase levy.
Dr Beneš v. r.
Gottwald v. r.
Dr Dolansky v. r.
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Regulation Information
| Citation | Act No. 128 / 1948 Coll., on financial concessions in the organisation of monetary and certain transfers of assets to national enterprises |
|---|---|
| Regulation Type | - |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 04.06.1948 |
|---|---|
| Effective from | 04.06.1948 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
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