Tax overhaul to kick in from January 1
As many as 16 changes are being introduced from January 1 in the taxation of all households, enterprises and property owners, mostly concerning reduction that will significantly alter the landscape for local taxpayers. They are the following:
- Income tax overhaul, with the first tax bracket (up to 10,000 euros) incurring a rate of 9 percent against 22 percent and a reduction by one percentage point for all other tax brackets.
- Corporate tax cut from 28 to 24 percent for 2019 profits to be taxed in 2020.
- Dividend tax halving from 10 percent to 5 percent for the 2019 financial year.
- Tax cut to 10 percent on all agricultural cooperative vehicles.
- Suspension of the 24 percent value-added tax on transfers of new properties, applying to buildings with licenses issued up to the end of 2022.
- Suspension of capital gains tax on property...