| 1. |
When an insurance policy is redeemed within 3 years of the insurance policy date, 30% of the insurance premiums is added to total income. If the insurance policy is redeemed between 3 and 6 years, 20% is added. |
| 2. |
From the gross income of rented buildings deduct 20%. This deduction is not applicable to the gross rentals of land or parking lots. |
| 3. |
The deduction for each life insurance policy cannot exceed 7% of the insured amount. Life insurance deductions are only allowed for the person who insures his own life. Deductions for insurance policies made by a person for the insurance of the spouse's life before 01/01/2003 will continue to be granted. The total deduction for medical funds and medical insurance is restricted to 1,5% of gross income that is not exempted for the purpose of calculation of taxable income. The contributions to General Health System and to the various funds in PART 5C are restricted to 1/5th of net income. |
| 4. |
Tax Rates for 2019
Income
€ |
Rate |
Tax for band
€ |
Cumulative tax
€ |
| 0 - 19 500 |
NIL |
NIL |
NIL |
| 19 501 - 28 000 |
20 % |
1 700 |
1 700 |
| 28 001 - 36 300 |
25 % |
2 075 |
3 775 |
| 36 301 - 60 000 |
30 % |
7 110 |
10 885 |
| 60 001 - and above |
35 % |
|
|
|
| 5. |
Taxation with special rates. The option for special rates is available for each tax year and separately for each type of income. Incomes which you have chosen to tax separately with special rates are not taken into account to derive total income for deduction purposes.
1. Pensions from outside the republic are taxed either with normal rates (code 8) or separately with a special rate of 5% for each euro exceeding €3420 (code 2).
2. Widow's pensions (see circular 2015/12) are taxed either with normal rates (code 1) or separately with a special rate of 20 % for each euro exceeding €19500. If your only income is from widow's pension and you have opted to be taxed separately (code 6), then you must reduce it with the deduction for reductions of salaries/wages of the broader public sector.
3. AIF carried interest and UCITS performance fee are taxed either with normal rates or separately with a special rate of 8% with a minimum amount of tax due of €10000. |
| 6. |
If the income declared in the temporary assessment is less than 75% of the final taxable income, then an additional tax of 10% on the difference of the tax finally established and the amount of the temporary tax paid or due is imposed. The additional tax amount is automatically calculated without taking into account any foreign tax and you are permitted to change the amount accordingly. |