On 24 May 2012 the Parliament has adopted amendments to the Law on Personal Income Tax and Law on Value Added Tax.
According to amendments to the Law on Personal Income Tax the tax rate of personal income tax will be reduced:
- Year 2013 – 24%
- Year 2014 – 22%
- As of year 2015 – 20%
As for amendments to the Law on Value Added Tax - as of 1 July 2012 the standard VAT rate will be reduced from 22% to 21%.