Fines on income tax, VAT reduced

The Ministry of Finance issued a decision lowering fines on the income and value added taxes (VAT), built property, and other fees.

Reduction on relative fines reached 85 percent while those on lump sum fines 60 percent.

The decision is valid until 30/9/2014.

The ministry also issued a decision extending the deadline to pay the annual declaration for concerned taxpayers until April 12, 2014.