Vote on amendment cancelling cuts in tax allowance on Friday

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Vote on amendment cancelling cuts in tax allowance on Friday

The last plenary session of the current parliament will be concluded on Friday with the vote on the amendment to abolish the prelegislated reduction of the tax allowance for wage earners and pensioners.

The government on Thursday tabled an amendment in parliament that cancels the reductions of untaxed income, due to come into force in 2020. The same amendment, which parliament will put to the vote on Friday, also cancels the positive measures that were due to be taken in the same year.

The reduction of the tax-free allowance is expected to lead to an estimated decline in revenues of 1.92 billion euros in 2020 and 2.058 billion euros in 2021.

At the same time, the amendment scraps a 30 pct reduction of the ENFIA property ownership tax for sums not exceeding 700 euros (which is expected to boost revenues by 209 million euros), abolishes a lower tax rate for income up to 20,000 euros a year, generated estimated savings of 877 million euros in 2020 and 997 million euros in 2021, and scraps a planned increase in the levels of income and unclaimed inheritance that are liable to pay a special solidarity contribution, for additional savings of 368 million euros in 2020 and 613 million euros in 2021.

Source: ana-mpa

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