The Finance Ministry (MoF) has published the Budget for 2016 on 26th October 2015. The MoF included the following measures in this budget:
- The income tax rate, withholding tax rate, and VAT rate will remain unchanged for 2016 through 2018.
- Excise duties on cigarettes and heating fuel will be raised.
- Social contributions payable to the pension fund will be raised by 1% and
- The minimum remuneration or wage will be increased to LEV 420 for 2016 and LEV 460 for 2017 and 2018.