The Ministry of Finance has announced a tax reform proposal that will be presented to Congress in the course of this month. It is expected that the reform, if approved, will be applicable for the tax years commencing as of 1 January 2010. The main issues dealt with in the proposal are:
|-||substitution of the territorial tax system for worldwide taxation;|
|-||revision of statutory deductible expenses;|
|-||bearer shares will not be recognized in the country;|
|-||all companies will be required to issue nominal shares; and|
|-||an increase in the current rate of the solidarity tax from 1% to 2% on the gross income.|
|-||change is expected with regards to taxation of individuals.|
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