BUSINESS BYTES

VAT drops a tad

The government approved an amendment to the VAT law on October 24 lowering the top VAT rate from 25 to 23 percent. Tourism and accomodation services will be subject to a 6 percent VAT, while a maximum three-year tax holiday will be granted to businesses constructing new accomodation-type facilities. The new law improves conditions for exporters and halves the sanctions for incorrect VAT payments.

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