End of anonymous shares?
23.12.2009Company: Amcham
The Chamber of Deputies will discuss a deputy’s draft act whose aim is to prevent the anonymous ownership of shares from being abused (acts of corruption) and to increase the transparency of the shareholding structure.
The existence of certified bearer shares that are not registered leads to non-transparent ownership relationships in joint-stock companies. In addition, the current situation enables bribing in the form of donations or sales of unregistered anonymous shares and money laundering. The anonymity of the owners of bearer shares and the criminal liability related thereto is also often criticised from abroad.
The draft also assumes the change of the Income Taxes Act, which now enables income tax exemption in the case of the sale of securities if the period between the acquisition and transfer of these securities upon their sale exceeds six months. This exemption would not apply to income from the sale of bearer shares.
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