The parliament adopted a tax reform consisting of amendments to the Personal Income Tax Law, Corporate Income Tax Law and Tax Procedure Law on 27 September 2016. The amendments will enter into force from 1 January 2017.

The main changes are as follows:

-An increase in the corporate income tax rate from 17% to 19%;

–The introduction of a new individual income tax bracket for annual income between EUR 20,400 and EUR 48,000, to be subject to a rate of 34%.