"Tax Package“ Announced

On 16 June, 2017, an amendment of the Income Tax Act was announced, which is a part of a „2017/2018 tax package“ and, although the date of its effectiveness was set as of 1 April, 2017, in practice it is to be deemed to become effective on 1 July, 2017.

The amendment brings about an increase in the tax credit for a second and a third (or other) child and a decrease in the maximum amount of expenses applicable in a form of percentage on the relevant income (the so-called „lump sum payment“) of physical persons.

Further details may be found in our previous articles.