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Increase of Annual Tax Deduction for Individuals 2019
The Income Tax Amending No. 6 Law has been approved from the House of Parliament and is increasing the limit of certain allowable deductions from 1/6th to 1/5th of an individual’s taxable income.
As per article 14 of the income tax law the allowable deductions includes life and private medical insurance premiums, contributions to social insurance, pension and provident funds as well as the National Health System (NHS).
The above change applies as of the tax year 2019.
Please note that tax deductions in certain cases are subject to further restrictions.
We are at your disposal to assist you with the relevant calculations and any further information or clarification you need.
With our best wishes for a happy, healthy and prosperous 2020.
Contact persons
Leonidas Papadopoulos Pavlos Tsiaklides
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Head of Accounting Head of Audit