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1 February 2014

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Fiscal-budgetary strategy for 2014-2016

According to recent amendments included in the "Fiscal-budgetary strategy for 2014-2016" document, which is available on the Ministry of Finance website, the following main tax amendments are considered by the government:

- introduction of progressive taxation of salary income at the tax rates of 8%, 12% and 16%;
- reduction of the social security contribution by 5% with effect from July 2014;
- exemption of capital gains derived by holding companies;
- draft of a strategy for taxation of oil and gas in 2015-2024;
- making the tax year different from the calendar year;
- amendment of the tax treatment of sponsorship expenses;
- enforcement, with effect from 1 January 2015, of the provisions of article 5 of Council Directive 2008/8/EC of 12 February 2008 amending EU VAT Directive (2006/112) as regards the place of supply of services; and
- reduction of the standard VAT rate in the next 4 years.
When not indicated, there is no date mentioned for the enforcement of the tax provisions.

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