The Bill envisages increases in the financial resources of Local Budgets to fund their own undertakings, achieved through the reallocation of the Income Tax on those companies which are not part of the State or Municipal property.

 

The Income allocated to Local Government Budgets, as well as those of the Autonomous Republic of Crimea, Regions and Districts, not included when defining the amounts of Inter-Budget Transfers, will be increased by a percentage of the Income Tax on companies which are not part of State or Municipal property. According to the Bill, ‘This percentage will amount to 10 per cent of the Tax value, with 90 per cent remaining the source of the filling of the State Budget'.

 

Concurrent amendments to the Law ‘On company Income Taxation´ are proposed, so as to clearly define the obligations of those taxpayers responsible for branches in other locations to pay this Tax to the Budget of the Community where each branch or affiliation is located.

 

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