On 29 November 2003, the Law on Changes to Tax Code which reduced tax rates was adopted. The value added tax fell from 16% to 15%, the social tax, payable by all employers, from 21% to 20%, and the personal income tax, from 30% to 20%. On 7 July 2006, the personal income tax was reduced even further to a flat rate of 5% for personal income in the form of dividends and 10% for other personal income. Kazakhstan furthered its reforms by adopting a new land code on 20 June 2003, and a new customs code on 5 April 2003.