Amendments to the Personal Income Tax Code

Amendments to the Personal Income Tax Code

EA BriefTaxUncategorized

08 August, 2024

These laws were published on August 7th and amend the Personal Income Tax Code.

Thus:

1. Law no. 32/2024 updated the value of specific deductions applicable to employment income and pensions in line with the adjustment rate of the Social Support Index (IAS).
2. Law no. 33/2024 amended Articles 68 and 70 of the IRS Code, reducing the general IRS rates up to the 6th bracket and updating the thresholds for the 7th, 8th, and 9th brackets at the the general fees. The formula for the minimum existence level is also updated.
3. Law 34/2024 added article 68-B to the IRS Code, providing for the annual updating of the lower and upper limits of the taxable income brackets.
4. Law No. 36/2024 increased the IRS collection deductions limit for amounts paid as rent for permanent housing.

 

These laws will take effect on 8th August 2024.