Value added tax (VAT)
Basic rate: 20 percent
Reduced rate on books and medicines: 10 percent
The basic income tax rate for individuals is 19 percent. As of January 1, 2013 high earners are subject to a higher rate. Based on the new legislation adopted in 2012, one’s tax base up to 176.8 times the subsistence wage (i.e. €34,401.74 per month) is subject to an income tax rate of 19 percent. The remaining portion of the tax base is taxed at 25 percent. The taxable income of selected constitutional officials is subject to a special tax rate of 5 percent.
The corporate income tax rate is 23 percent, based on new legislation adopted in 2012.
Tax on 2012 personal and corporate income was paid in line with the previous flat tax rate, i.e. 19 percent.
30. Sep 2013 at 0:00 | Compiled by Spectator staff