Senate largely adopts 2024 Tax Plan package

The Senate approved the 2024 Tax Plan package on Tuesday, with the exception of one bill. This means, among other things, that the business succession regulations in the Inheritance Tax Act will be amended. The House of Representatives had previously approved this.

On Budget Day, the 2024 Tax Plan package was submitted to the House of Representatives. This package contained 15 tax bills, all 15 of which were passed by the House of Representatives. The Senate passed 14 of them. The bill for the Tax Climate Measures for Industry and Electricity Act was rejected by the Senate.

Construction
The adopted Tax Plan 2024 bill includes a measure to address an undesirable tax-saving scheme in real estate transactions. This measure will take effect on January 1, 2025, and includes a transitional arrangement.

Business succession scheme
The bill amending the Taxable Business Succession Facilities Act 2024, which was also adopted, contains measures to amend the business succession regulations under the Inheritance Tax Act. The House of Representatives amended this bill on several points.

Box 3
For Box 3, more forms of assets are considered bank deposits. Money in a notary's escrow account and membership rights in an owners' association are no longer considered other assets but bank deposits. Furthermore, certain mutual claims and debts are no longer included in Box 3. These two measures are retroactive to January 1, 2023.