In IMF staff’s preliminary view, the recently approved package of tax initiatives and capital amnesty are not in line with the objectives of the Fund-supported program. Specifically, the adopted measures will increase the regressivity of the tax system, could undermine tax compliance, and pose significant fiscal risks, IPN reports, quoting a press line of the International Monetary Fund.

According to the IMF, staff is in the process of assessing more fully the implications of the adopted package as more information becomes available.

Parliament on July 26 adopted a bill providing that the private individuals will be able to declare the undeclared property or property declared at a lower value. The property that can be declared by paying a tax of 3% of the value or difference by February 1, 2019  includes the financial resources, real estate, securities, shareholdings and motor vehicles owned in the country and abroad.