Tax changes set to start applying as of August 1

Tax changes set to start applying as of August 1

The Finance Ministry will table its tax bill on Friday that will include changes to the 120-tranche debt repayment scheme, the reduction of the Single Property Tax (ENFIA) and the prompt application of the corporate tax reduction plus the reduction in the dividend tax.

The draft law is to be submitted to Parliament as super-urgent, which means it will be voted by August 1 for the tax administration to proceed immediately with the changes required for the payment scheme for arrears and the issue of ENFIA notices, which will be 22 percent lower on average.

The bill may also provide for the rewarding of consistent participants in the debt repayment program, in the form of the return of part of the interest due during their last few installments. The ministry is further considering overhauling its fixed settlement plan of 12 tranches for tax dues.

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