Act No. 293 / 2009 Coll.
Act amending Act No. 58 / 1995 Coll., on Insurance and Financing of Exports with State Aid and supplementing Act No. 166 / 1993 Coll., on the Supreme Audit Office, as amended, as amended
Valid
Law
Effective from 04.09.2009
Text versions:
04.09.2009
293
THE LAW
of 22 July 2009
amending Act No. 58 / 1995 Coll., on Insurance and Financing of Exports with State Aid and supplementing Act No. 166 / 1993 Coll., on the Supreme Audit Office, as amended, as amended
Parliament has decided on this law of the Czech Republic:
Act No. 58 / 1995 Coll., on Insurance and Financing of Exports with State Aid and on Addition to Act No. 166 / 1993 Coll., on the Supreme Audit Office, as amended, as amended, Act No. 60 / 1998 Coll., Act No. 188 / 1999 Coll., Act No. 282 / 2002 Coll., Act No. 377 / 2005 Coll. and Act No. 23 / 2006 Coll., is amended as follows:
1. In Paragraph 1 (1), the word "remuneration 'is replaced by" matching'.
2. in Article 1 (2) (b), the words "and investment credits" shall be inserted after the words "loans."
3. In Article 1 (2) (c), the words "Czech legal persons' are deleted.
4. In Article 1 (2) (d), the words "and investors' shall be inserted after the words" exporters'.
5. in Article 1 (3) (a), the words "foreign companies" shall be inserted after the words "exporters";
6. Paragraph 1 (4) reads as follows:
"(4) For the purposes of this Act, matching interest differences means matching the difference between the interest set by fixed interest rates on export credits granted by the exporter's bank in accordance with European Community law and the international rules governing officially supported export credits (hereinafter referred to as" international rules') with a maturity of at least two years and the cost of the exporter's bank procuring resources on financial markets at inter-bank market rates plus a fixed remuneration for the exporter's bank. Interest differences shall be compared by transferring this difference to the State budget of the exporter to the State budget of the exporter. '.
7. in Article 2 (a), "related to investment" is replaced by "related to investment."
8. In Article 2 (f), the words "development or" shall be inserted after the word "financing."
9. in § 2 (k), the words "or a foreign company" shall be inserted after the word "the Code."
10. in Article 2 (l):
"(l) by the investor, the person who spends the investment, either a legal person established in the territory of the Czech Republic who is an entrepreneur under the Commercial Code or a foreign company,."
11. in Paragraph 2 (n), the word "hers" is replaced by "his."
12. in Article 2 (o), the words "the amount of cash paid by the importer to the exporter in accordance with the export contract," shall be deleted;
13. in Article 2 (x), the word "balanced" is replaced by "delivered."
14. in § 2 (aa) and (bb) read:
"(aa) the manufacturer who produces goods or provides services intended for subsequent export, either a natural person resident in the Czech Republic or a legal person established in the Czech Republic, who is an entrepreneur under the Commercial Code or a foreign company,
(bb) by the exporter, the person who carries out the export, either a natural person resident in the Czech Republic or a legal person established in the Czech Republic, who is an entrepreneur under the Commercial Code or a foreign company, '.
15. in § 2 (ee):
"(ee) a foreign person is a natural person who is not resident in the Czech Republic or a legal person who is not established in the Czech Republic,"
16. in Article 2, at the end of point (hh), the dot is replaced by a comma and the following points (ii) and (j) are added:
"(ii) a foreign company is controlled by a legal person established in the Czech Republic who is an entrepreneur under the Commercial Code by participating directly or indirectly in the capital of the company in more than 50% or by controlling the absolute majority of the voting rights associated with participation in the capital of the company or by appointing a majority of the members of the board, supervisory board or board of directors or other similar management body;
(jj) loan for the investment a loan for the acquisition of an investment or a loan for the activities of a foreign company provided by the investor bank. ';
17. In Section 3, the comma is replaced by "a 'and the words" and interest-rate differences' are deleted.
18. in Paragraph 4 (2) (c), the words "in which the Export Insurance Corporation has at least a 30% share of the capital" shall be deleted;
19. in § 4 (8) of the introductory part of the provision and in § 6 (15) of the introductory part of the provision, the word "half-yearly" is replaced by "once a year."
20. In the title of Section 6, the words "and interest-rate differences' are deleted.
21. in Article 6, paragraphs 4 to 11 are deleted;
Paragraphs 12 to 16 shall be renumbered paragraphs 4 to 8.
22. the following Section 7a is inserted after Section 7, including the title:
Comparison of interest differences
(1) The condition for matching interest differences is:
(a) compliance of the export credit with international rules;
(b) negotiating a fixed interest rate on the export credit;
(c) the granting of export credit in euro or US dollars;
(d) insurance of export credit risks by the Export Insurance Corporation;
(e) the fact that the exporter is not a foreign company.
(2) The application for the inclusion of an export credit in the system of matching interest differences linked to that export credit is submitted by the exporter's bank for a decision by the Ministry of Finance. In the application for inclusion in the system of matching interest differences, the exporter's bank is required to state, in addition to the general requirements,
(a) identification data (6) of the exporter, importer and foreign person receiving the export credit;
(b) the object and value of the export;
(c) the basic data of the Export Credit Contract, in particular the value of the Export Credit and the time distribution of its drawdown and repayment;
(d) the agreed fixed interest rate; and
(e) a declaration that the export credit complies with international rules.
(3) With the application to be included in the system of matching interest differences, the exporter's bank shall submit the export insurance undertaking's observations on the possibility of insurance of the export credit. The Ministry of Finance may invite the exporter's bank to document the draft export credit agreement and other information necessary to assess the conditions for matching interest differences. The exporter's bank is the only party to the proceeding.
(4) There is no legal claim to include an export credit in the system of matching interest differences. In the case of its inclusion in the system of matching interest differences, interest differences will be compared between the Ministry of Finance and the exporter's bank throughout the duration of the inclusion of this export credit in the system of matching interest differences.
(5) The exporter's bank shall send to the Ministry of Finance, without undue delay, an original or officially certified copy of the export credit agreement. The settlement of interest differences shall be paid to the exporter's bank by the Ministry of Finance from the date of the first drawdown of the export credit notified by the exporter's bank to the Ministry of Finance no later than 5 working days after the date of the first drawdown of the export credit.
(6) The exporter's bank shall submit to the Ministry of Finance a request for a balance of interest differences, or a notification of the transfer of excess interest differences, six months after the date of the first drawing of the export credit, or after the completion of the export credit and during the repayment period at regular six-month intervals from the first day of the repayment of the export credit until the full repayment of the export credit. In the event of a surplus of interest differences, the exporter's bank shall transfer that surplus to the State budget revenue account within 15 working days of the date of dispatch of the transfer of the surplus of interest differences.
(7) In the event of the exporter's bank's claim to top up interest differences, the Ministry of Finance shall pay interest differences within 15 working days of receipt of the request for matching interest differences.
(8) The Ministry of Finance shall carry out checks on compliance with the conditions and obligations laid down in this Act. In the event of a breach of these terms and conditions or obligations, the Ministry of Finance may decide on the deadline for the exclusion from the system of matching interest differences and the reimbursement of funds paid from the State budget after deduction of the surplus of interest differences transferred by the exporter's bank to the State budget, while at the same time determining the interest on this amount at the usual rate.
(9) In the event that the exporter's bank fails to comply with the time limit for the transfer of the excess interest differences referred to in paragraph 6 or the time limit for the repayment of funds paid from the State budget pursuant to paragraph 8, it shall be obliged to pay a penalty of 1 per cent of the amount due for each day of delay, up to and including the amount due.
(10) The method of calculating the balance of interest differences and the remuneration of the exporter's bank depending on the amount of the export credit shall be determined by the Ministry of Finance by decree. '
Efficacy
This Act shall take effect on the day of its publication.
z.
Klaus v. r.
Fischer v. r.
Sign in for notes, favorites and notifications
Regulation Information
| Citation | Act No. 293 / 2009 Coll., amending Act No. 58 / 1995 Coll., on Insurance and Financing of Exports with State Aid and supplementing Act No. 166 / 1993 Coll., on the Supreme Audit Office, as amended, as amended |
|---|---|
| Regulation Type | Law |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 04.09.2009 |
|---|---|
| Effective from | 04.09.2009 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
Comments 0