Legislative propositions for changing the Fiscal Code

The most important aspect – the income tax for natural persons from real estate transactions – was not excluded from the Fiscal Code, but its percentage was drastically reduced. On January the 1st 2006, this income should have been taxed by 16%. In July this year, the Ministry of Finances set a new percentage, of 10%, and after this period, the taxation percentage decreased to 2%, fivefold less than in July. The new version no longer distinguishes the speculative businesses with lands and houses of natural persons from their occasional selling. (B.D.)