28 July 2017, the Parliament considered and adopted all the amendments planned within the tax reform including the new corporate income tax law. More on tax reform topics we enlightened in our news in April 26 and June 28 this year.
All the amendments adopted to the law will come into force on 1 January 2018. It is possible that certain provisions will be clarified or amended in the course of preparation of 2018 budget this autumn. However, currently there are no unexpected changes envisaged.
Consequently, the type and regularity of the calculation of corporation tax will change significantly in 2018. The changes include procedure for the calculation of personal income tax rates, non-taxable income and tax have been approved, new state social insurance compulsory insurance contributions and increased rates, as well as amendments to the value added tax, excise tax, microenterprise tax law. Taking into account the changes in the laws passed, we recommend accountants to get familiar with new laws at the end of summer holidays in order to be prepared for changes the new year.