Amendment of article 14 of the Income Tax Law: the limit of certain allowable deductions for individuals is increased from 1/6 to 1/5 of net income
Transparency Report
The Double Tax Treaty (DTT) of 2018 (which came in to effect on 18 July 2018, and replaced the DTT of 1974) was amended with a protocol signed on 19 December 2018. This Protocol provides for a “grandfathering” period relating to the taxation of pensions.
Precisely, persons previously taxed based on Article 19(1) of the previous Treaty will have the right of election to continue being taxed in line with the relevant provisions of the previous treaty. This will be valid for years ending on or before 31 December 2024.
