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Banks are not so keen lately in giving loans to those making a living on royalties or intellectual property rights only, which includes the artists, the journalists and most of those in the liberal professions. The change of heart came after the Ministry of Finance decided to hike the taxation of this type of income.
Banks changed their rules in their turn and now deem intellectual property rights unfit to grant credits unless they count as secondary income to other sources.
The only credits granted to intellectual property rights earners by commercial banks are mortgages backed with real-estate properties as collateral. But even those properties are not enough to secure a credit: the person should have an over one-year old renewable contract.
According to the new changes to the Fiscal Code which come into force on July 1st, intellectual property rights earners will also have to pay dues to the pension fund, health care fund and unemployment fund, in ratios of 10.5%, 5.5% and 0.5% respectively. Also, the deductible income will be cut to 20% from 40%, before.
Translated by AAP
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