The Ministry of Finance has stated that the government's proposed tax cuts will not put pressure on the state budget and will ultimately contribute to increases in tax revenue of 13 to 14 percent as several legal provisions supporting investment are reflected in the proposed amendments to tax laws.
Changes include bringing the period to calculate building depreciation down to 25 years and setting the continuity period for transfer of loss at five years for all sectors. In order to support stock market activities, taxes on interest income from bonds and securities would be reduced to 5 percent, down from 20 percent, under the proposed amendments.
The Ministry of Finance has stated that the government's proposed tax cuts will not put pressure on the state budget and will ultimately contribute to increases in tax revenue of 13 to 14 percent as several legal provisions supporting investment are reflected in the proposed amendments to tax laws.
Changes include bringing the period to calculate building depreciation down to 25 years and setting the continuity period for transfer of loss at five years for all sectors. In order to support stock market activities, taxes on interest income from bonds and securities would be reduced to 5 percent, down from 20 percent, under the proposed amendments.