The rate of VAT is changed

The Special Part of the Tax code determines the procedure of application of each of republican or local taxes, dues, and also special regimes of taxation. The following issues are established on each tax payment: the composition of taxpayers, the object of taxation, the basis of assessment, the rates, the list of tax remissions, also the procedure of taxes computation, terms of their payment and of submission of  a tax declaration. Thereby, as a result of simplification of tax system and decrease of number of taxes, the rate of VAT is increased from 18% to 20%. The new rate will be used in relation to services and goods, loaded since 1 January 2010. The rate of profit tax on dividends of foreign companies is reduced from 24% to 12%.