The Ministry of Finance issued a preliminary statement on 18 March 2015, for the 2015-2016 Budget.
The statement highlighted the following changes:
- The standard corporate tax rate will be reduced to 22.5%. The new rate is expected to apply for net profits realized in 2015 to be assessed in 2016.
- The income tax base will be extended and no additional taxes will be introduced.
- The current sales tax will be replaced with a VAT system and the VAT law is currently under discussion.
- The tax collection productivity will be improved.
- A new Customs Code will be introduced in order to strengthen customs procedures and increase penalties and fines applicable to non-compliance.