Value added tax (VAT)
Basic rate: 20 percent
Reduced rate on books and medicines: 10 percent
The basic income tax rate for individuals is 19 percent. As of January 1, 2013 high earners are subject to a higher rate. Based on the legislation adopted in 2012, one’s tax base up to 176.8 times the subsistence wage is subject to an income tax rate of 19 percent. The remaining portion of the tax base is taxed at 25 percent. The taxable income of selected constitutional officials is subject to a special tax rate of 5 percent.
The corporate income tax rate for 2014 and future years is 22 percent, one percentage point less than in 2013, based on new legislation adopted last year.
3. Mar 2014 at 0:00 | Compiled by Spectator staff