01/07/2002 15:54
The House of Representatives plenary today voted 15 bills into law, amending the Republic's taxation framework and regulating procedures and criteria for grants and other social benefits to low income people.
Accirding to a CNA report, with the new taxation, VAT increases by 3 percent to 13 percent, with a provision to reach 15 percent on January 1, 2003. Tax-free income is increased from six to nine thousand pounds and in 2004 this ceiling will rise to ten thousand pounds.
The laws and regulations voted today also cover custom duties, real estate tax, capital gains taxes, vehicle registration duties, tax collection, special grants for students of higher education institutions, and grants for refugees. Refugee duties on imported goods is also abolished.
In an extraordinary meeting next Friday the House is expected to vote five more bills, completing one of the biggest reform in the Republic's 42-year history.
Accirding to a CNA report, with the new taxation, VAT increases by 3 percent to 13 percent, with a provision to reach 15 percent on January 1, 2003. Tax-free income is increased from six to nine thousand pounds and in 2004 this ceiling will rise to ten thousand pounds.
The laws and regulations voted today also cover custom duties, real estate tax, capital gains taxes, vehicle registration duties, tax collection, special grants for students of higher education institutions, and grants for refugees. Refugee duties on imported goods is also abolished.
In an extraordinary meeting next Friday the House is expected to vote five more bills, completing one of the biggest reform in the Republic's 42-year history.
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