Planning on buying insurance or improving the thermal comfort of your home with the promised deduction of these expenses from the 2004 taxable income in mind?
How you will actually apply for and get the deductions in question is still unclear and will remain so for as long as the Finance Ministry does not the set procedures to follow. Until it does, the only thing you can do is collect your bills and keep them somewhere safe in the hope you will be able to use them to get part of what you paid as income tax back from the Exchequer next year.
Anyway, two of the really important deductible expense categories, the contributions to the optional pension schemes and those to private health care insurance remain nothing more than a generous principle in the fiscal legislation in 2004, due to the lack of laws to regulate those markets.
Although still expected, not even the Fiscal Code enforcement guidelines will make it entirely clear how exactly the deductions are granted.
The guidelines themselves stipulate the procedure for granting deductions for the expenses made on insurance premiums for the domicile will be set by an order of the Finance minister. Which has yet to come. The guidelines were debated by the Government last week, with the Justice Ministry left to insert a series of modifications.
As for the expenses made for improving thermal comfort, Finance minister Mihai Tanasescu says the amounts spent on buying heating systems will be considered deductible up to 15 million ROL a year.
Other specific expenses (such as those on thermopane windows and heatproof floors) are to be detailed with the Ministry of Transports, Constructions and Tourism.
Anyone looking to deduct the expenses made to reduce heat leaks will need to produce copies of the fiscal receipts verifying payment, as well as of the property deeds for the home, besides the tax return.
If the home is held jointly, with each owner having a well-defined share of it or not, the deduction is granted to every owner attested as such in the property deeds.
It is worth noting that the Exchequer will acknowledge every deduction category only for those expenses made under contracts concluded after January 1, 2004, as the Fiscal Code provisions do not apply retroactively.
The Fiscal Code enforcement guidelines draft stipulates the deduction of the insurance premium paid for the domicile is granted for every risk, based on documents to justify it (such as the insurance contract, the document verifying payment of the insurance premium) for the home owned, up to the ROL equivalent of 200 euros a year.
razvan.voican@zf.ro
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