Draft budget foresees 5% reduction on corporate tax pre-payment

Wednesday, 16 October 2019 20:24
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A reduction, by 5 percent, in the pre-payment of corporate taxes - for current fiscal year - is foreseen in the draft 2020 budget, which has been delivered to and posted by the EU Commission.

According to reports, the independent public revenues authority will re-calculate corporate and business tax returns to include the foreseen 5-percent reduction.

The measure is budgeted at 138 million euros, and will have a "one-off" implementation.

Meanwhile, the draft budget includes a target of a 1.4-percent general government budget surplus (as a percentage of GDP) for 2019; one percent for 2020.

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