As of 1999, personal income is taxed in six brackets, from 5% to 30%, with 5% starting at an income of about $86/month, and the 30% rate, plus a flat fee of about $45, applied to incomes over about $1,030/month. The corporate income tax rate is 30%, applied equally to both domestic and foreign-owned companies. Tax preferences previously accorded foreign investors—a four year tax holiday, and up to a 60% reduction on income from reinvested profits—were removed for future foreign investors on the advice of the IMF and World Bank. There is property tax on agricultural land and buildings. Indirect taxes include a value-added tax (VAT) applied to businesses with annual turnover exceeding five million Lek (about $43,000), small business taxes, and excise taxes on tobacco, alcohol, soft drinks, coffee, gasoline products, perfumes and deodorants. The VAT rate is 20%. Small businesses with annual turnover of less than two million Lek a year pay a yearly lump sum ranging from 15,000 Lek to 100,000 Lek. Businesses with turnover in the range of two million Lek to five million Lek pay a 4% of turnover tax. Exports are exempt from both excise and VAT. Financial transactions are exempt from VAT, and liquefied gas is exempt from excise.