Changes in tax legislation and other economic policy issues

The Committee on Economic Policy, Budget and Finance considered the legislations prepared for adoption in the first and second readings. Among them there are changes to the law on personal income tax and changes in the laws governing the work of massage therapists entrepreneurs.

In particular, the relevant Committee will recommend the adoption of amendments to the law on personal income tax in the second reading. The deputies of the committee considered today two initiatives, one of which concerns reducing the tax burden on the income of citizens who work as seasonal workers in agricultural firms. Based on the appeals of agricultural producers, the Government proposed to reduce the income tax rate to 8% for people who get a job for the season to pick vegetables, fruits, berries and grapes, but only if the organization's share of revenue from the sale of agricultural products of its own production per year is at least 60%.

Another change to the law on personal income tax involves an increase in the period when a citizen who has bought real estate for the first time can claim his right to a property deduction. It is possible now to submit documents for a property deduction to the tax office during the tax period in which the basis for receiving it arose according to the law. Additions to the law provide for the possibility of exercising the right to receive a property deduction within three tax periods.

The Economics Committee also considered amendments to the law on procurement, to the budget of this year, on local authorities and local self-government. The legislations will be recommended for consideration by the Supreme Council at the plenary session.