Increase of tax allowance, family dependents and special deduction as of March 1, 2013.

By Decree 244/2013, published in the Official Gazette on March 5, 2013, the government established a 20% increase in income tax personal allowances as of March 1, 2013.

 

Individuals will be entitled to deduct from their net income the amount of $ 15,552 as tax allowance.

 

The amounts related to family dependents were also increased. The spouse annual deductible amount was established at $ 17,280; the children deductible amount was set at $ 8,640 per year and per child; and, the deductible amount for other dependents was established at $ 6,480 per year.

 

Finally, the decree provides for an increase in the special deduction, which is fixed in the sum of $ 15,552.