Act No. 2 Of 6 May 1989 On Tax-Free Savings

Original Language Title: Landstingslov nr. 2 af 6. maj 1989 om skattebegunstiget opsparing

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Act No. 2 of 6 May 1989 on tax-free savings

Modified repeals, hovedlov replaces information

Amended by Act No. 2 of 23 May 2000 amending Rule Act on tax-free savings
Act No. 7 of 6 November 1997 amending Rule Act on tax-free savings
Act No. 15 of 30 October 1992 amending Rule Act on tax-free savings

Hovedlov to
Home Rule Executive Order no. 13 of 31 May 2000 on tax-free savings

Adds to Home Rule Executive Order no. 13 of 31 May 2000 on tax-free savings

§ 1. Savings on tax-free savings accounts bear interest at a taxpayer because interest rates and a tax premium rate.
Subsection. 2. Prizes Either come only tax payable if the savings term used for one or more of the following purposes in Greenland:
1) The construction or acquisition of own housing, including housing cooperative.
2) Payment of deposits or prepayment of rent in connection with the conclusion of the lease. For these purposes, a maximum released an amount equal to three times the agreed monthly rental.
3) Improvement and expansion of existing housing.
4) Acquisition of white goods, furniture and carpets for property changes.
5) Establishment of independent business when the total purchase price for the use of the firm acquired assets exceeding kr. 40,000. There can not tax advantaged raised amount for the purchase of passenger cars. Participation in an investment firm and the like are not considered establishment.
6) Purchase of shares and investments in commercial companies. Investment companies are not considered employed in this context.

§ 2. The basic rate and the size of the tax premium rate, see. § 1 piece. 1, as agreed between our government and the Greenlandic banks.

§ 3. Eligible to create and to deposit tax-free accounts are fully taxable persons.
Subsection. 2. Persons who are related to someone in the right ascending line can for this person, if he is fully taxable, create and make deposits on a tax-free savings account. Adoption Conditions stepchild relationship and foster care equated with family history.
Subsection. 3. The basic rate of interest and premiums either where this is taxable, taxed at the account holder, regardless of whether other under paragraph. 2've made deposits into the account.

§ 4. For the in § 1. 2, no. 1 to 6 mentioned purpose for each person created a joint account or one account for each purpose.
Subsection. 2. The holdings in the first paragraph. 1 accounts referred to the same person freely moved between each other.
Subsection. 3. The tax-free accounts can only be created in Greenlandic banks.

§ 5. The savings on the tax-free accounts can not be used borrowed funds.
Subsection. 2. The same person may insertions in tax-free accounts in total not exceed kr. 50,000 annually.

§ 6. The account holder may not assign or pledge the in tax-deferred accounts deposited funds.
Subsection. 2. There can not be attached, distraint or arrest in the deposit amount, unless the account holder or depositor inserted amount is clearly disproportionate to his income or assets.

§ 7. The offense can be imposed on anyone who intentionally or by gross negligence:
1) provides incorrect or misleading information about what the released amount incl. prizes to be used either for
2) violation of § 5, paragraph. 1 or 2.
paragraph. 2. In regulations issued pursuant to this Act, measures may be in the form of a fine.

§ 8. The Cabinet, or our government deputy can indicate to the person who violates the provisions of this law, the case can be settled without prosecution, if that pleads guilty to the offense and declares its readiness to within a specified deadline, the request may be extended to pay the sentiments indicated penalty.
Subsection. 2. With regard to the paragraph. l acknowledgment referred the provisions of Procedure, the contents of the indictment accordingly.
Subsection. 3. fine is paid on time, or is it for adoption recovered lapse further prosecution.

§ 9. Fines imposed by § 7 and § 8 shall accrue to the Treasury.

§ 10. The Cabinet may lay down detailed rules concerning implementation of this law, as well as exemptions from the provisions of § 1. 2 when special circumstances.

§ 11. Landsting Act shall come into force on 21 June 1989.

Greenland, May 6, 1989

Jonathan Motzfeldt

Emil Abelsen