Croatian government to send 2012 budget draft to parliament in next few weeks.

By bne IntelliNews January 18, 2012
Croatia's government will send its 2012 budget draft to parliament in the next few weeks, new agency HINA reported, quoting Prime Minister Zoran Milanovic as saying. The draft will be in parliament before the end-March deadline expires, he said. Finance Minister Slavko Linic said earlier this month that the country's new parliament will discuss this year's budget in February. Linic said that the first budget revision is expected to take place in July once the tax reform is prepared. He added that the new budget is aimed at preserving the country's credit rating and ensuring lower interest rates and more favorable deadlines for loan repayment. The government, which stepped into office at the end last year following December 4 general elections, plans to introduce by July a property tax, as well as a tax on dividends and lower parafiscal levies. It will decide this month how much it will increase the VAT rate. It plans to introduce several new VAT rates to protect the most vulnerable groups and lift some of the burden on the business sector. The new VAT rates would be applied as of March 1, Linic has said. The government does not intend to change the current zero VAT rate on bread, milk and medicines until the country's accession to the EU in July 2013. The tax reform also envisaged change in the income tax, namely relieving the tax burden on the minimum salaries and on salaries of up to HRK 3,000 (EUR 398). The nontaxable part of the income will remain HRK 1,800.

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