The National Assembly adopted amendments to the Income Taxes on Natural Persons Act
At its plenary sitting on 23 November 2007, the National Assembly adopted at first reading amendments to the Income Taxes on Natural Persons Act. Under the amendments, one fixed rate of 10 per cent for the income accruing to natural persons is to be introduced as from 1 January 2008. The effective progressive taxation of personal income is replaced by a single proportional rate (flat tax).
Parliament also adopted at first reading amendments to the Local Taxes and Fees Act. Under the amendments, as from 2008 Municipal Councils will determine, by an ordinance, the amounts of local taxes within a range established by the Act.
The National Assembly adopted at first reading amendments to the Municipal Budgets Act. According to the amendments, the draft budget of a municipality will no longer be prepared on the basis of revenues from remitted central-government taxes.
The National Assembly adopted at first reading the 2008 Budget of the National Health Insurance Fund (NHIF) Bill.
Parliament held a second-reading debate of amendments to the Commerce Act. A vote on the amendments will be taken at the plenary sitting on 29 November 2007.