Budget for 2014 – individual taxation

On 6 November 2013, the parliament adopted amendments to the Individual Income Tax Law (the Law). The amendments will generally enter into force on 1 January 2014, subject to transitional provisions. The following amendments were, inter alia, made to the Law.

Rates

In 2014, the individual income tax rate will be kept at 24%. The amendments introduce a gradual reduction of the tax rate in 2015 and 2016, as follows:

-	from 1 January 2015: …