AMENDMENT TO THE HOME SAVINGS ACT AND THE BANKING ACT

(Act No. 165/2003 Coll., amending and supplementing the Act No. 310/1992 Coll. on Home Savings, as amended and the Act No. 483/2001 Coll. on Banks and on amendment and supplement of certain acts, as amended)

The amendment to the Act No. 310/1992 Coll. on Home Savings, as amended decreases with effect from January 1, 2003 the share of the state subsidy from 20% to 15% from the annual deposits. At the same time, with effect from July 1, 2003, the Act No. 483/2001 Coll. on Banks was amended so that the amount of state subsidy for purposes of residential constructions financed by mortgage loans will not be fixed during the validity of the mortgage loan as it was by now. The amount of the state subsidy shall be henceforward determined in accordance with developments on the monetary market as it is in case of home savings. Thus, it shall be stated annually in the State Budget Act for the particular year and shall be valid in this year for all agreements on mortgage loans.

According to the temporary provisions of the amendment, the agreements on mortgage loans concluded before July 1, 2003 shall be regulated by the current regulations, which means that the fixed state subsidy will remain unchanged in their case.

In addition, the amendment includes several terminological specifications and unification in the system of law. Moreover, the amendment stipulates the duty of a home savings bank to submit to the Ministry of Finance of the Slovak Republic required records and data concerning the state control in the area of management of resources in the home savings fund. The amendment specifies also the obligatory requirements for home savings principles issued by home savings banks and obligatory terms of agreements on home savings and agreements on construction loans.

This amendment shall come into force on July 1, 2003, except for provisions of Article I, Section 10, para. 3 and 6, which shall come into force on January 1, 2004.

AMENDMENT TO ACT ON INCOME TAXES AND ACT ON BUDGETARY RULES

(Act No. 163/2003 Coll., amending and supplementing the Act No. 366/1999 Coll. on Income Taxes, as amended and amending and supplementing the Act No. 303/1995 Coll. on Budgetary Rules, as amended)

The amendment to the Act No. 366/1999 Coll. on Income Taxes as amended and to the Act No. 303/1995 Coll. on Budgetary Rules as amended extends the possibility of acknowledging the depreciation of receivables which are not statute-barred as tax expenses even if not all possibilities of the execution of receivables and settlement by filing a petition for bankruptcy on the debtor are exercised. The amendment enables acknowledgement of the depreciation of receivables which are not statute-barred as tax expenses even in case of out-of-court settlement between a creditor and a debtor under conditions stated in the amendment.

The tax depreciation of expenses must be provable on the part of the creditor as well as it must be accounted in revenues of the debtor as remission of debt. The depreciation of receivables with their maturity before December 31, 2002 shall be included into tax expenses during four taxation periods in the amount of 25% of the value of receivables.

This amendment came into force on June 1, 2003.

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