Fiscal subject related
General information
The Finance Minister has officially confirmed that the Value Added Tax (VAT) will rise from 11% to 12% starting January 1, 2025, following speculation about a potential increase in 2024.
This adjustment is part of the phased implementation outlined in the Tax Harmonisation Law of 2021, which originally planned for a two-stage VAT increase. Despite facing public criticism regarding its impact on prices, the minister defended the decision, emphasizing its necessity.
Meanwhile, the President has suggested alternative methods for increasing tax revenues without raising rates, prompting calls from lawmakers to reconsider the VAT hike amid concerns about its economic effects.
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