2007 Budget Bill submitted to Congress

On 5 December 2006, the 2007 Budget proposal was submitted to the Congress, including a bill amending several tax laws, i.e. the federal tax code, income tax law, assets tax, the law on special tax on production and services, and the law on new vehicles tax. It is expected that the Congress would review these reforms before the end of 2006 and, if approved, that they would enter into force from 1 January 2007. Some of the important tax amendment proposals are summarized below.

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