MPs Discuss Amendments to Tax Code

Parliament gave the first hearing to amendments to the tax code on July 5 envisaging the gradual decrease in income tax from the current 25% to 15% within the next five years.

If passed, income tax will come down starting from January 1, 2009 to 24%; in 2010 – to 22%; 2011 – to 20%; 2012 – 18% and in 2013 – to 15%.

Last year Parliament approved a government proposal, which went into force on January 1, 2008, replacing the 12% income tax and 20% social tax with a flat 25% income tax.