Personal income tax deduction
Newsletter 40
20 December 2019
PERSONAL INCOME TAX DEDUCTION
Increase of the limit for certain deductions for individuals from 1/6 to 1/5
On 19 December 2019, an amending Income Tax Law was published in the Official Gazette, providing an increase in the maximun annual deduction for:
- Social Insurance Fund Contributions;
- Approved Pension and Provident Funds;
- General Health System (NHS);
- Life Insurance Premiums
- Medical Insurance Premiums;
from 1/6th to 1/5th of an individual's taxable income before such deductions.
The above amendment applies from the tax year 2019 onwards.
We remain available for any clarification or any information should be needed.
