Individual - Significant developments

Last reviewed - 30 June 2020

On 12 December 2019, the new tax bill, which introduces several amendments to the Income Tax Code (ITC) and other legislation, was published on the Government Gazette. Among its provisions, the most significant are the following:

  • The introduction of a new tax bracket applying on personal income from 1 January 2020, having a reduced introductory tax rate from 22% to 9% for income until 10,000 euros (EUR), while tax rates corresponding to income above EUR 20,000 are reduced by 1%.
  • The lump-sum taxation and further exemption of foreign tax residents from income tax and inheritance and gift taxes under specified conditions.