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Croatian parliament adopts tax reform package

Xinhua, December 3, 2016 Adjust font size:

The Croatian parliament on Friday adopted a tax reform package aimed at stimulating the economy and improving the business environment.

The income tax will be changed from the current three rates into two -- 24 percent and 36 percent. At the same time, the non-taxable part of income will be increased to 3,800 kuna (537 U.S. dollars) from 2,600 kuna (about 367 U.S. dollars) a month.

Company tax will be cut from 20 percent to 18 percent, while small and medium-sized firms will be taxed 12 percent.

Although the tax reform was adopted with a majority, the opposition in the parliament led by the Social Democratic Party (SDP) boycotted the vote due to dissatisfication that their amendments were rejected.

The opposition said the tax reform only benefited those who were already well-off.

Finance Minister Zdravko Maric said after the package was adopted that the reform was designed to simplify the tax system and reduce the burden on citizens and businesses.

It was one of the government's programs aimed at growth, employment and demographic renewal, he added.

The package consisting 16 different laws take effect from Jan. 1, 2017, the lawmakers decided. Endit