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Tuesday, January 11, 2005

Finance set deductions for wages

The Finance Ministry established monthly personal tax deductions for employees having gross wages between 10 million ROL (260 euros) and 30 million ROL (778 euros).

The deductions will range between 100,000 ROL (2.6 euros) and 6.5 million ROL (168 euros), depending on the taxpayers' wage and the number of children they have, the Finance Ministry said in a release.

After approving the 16% flat tax for individuals' private income, the ministry decided it is time to introduce new tax deductions. Thus, for employees having wages below 10 million ROL, the value they can deduct ranges from 2.5 million ROL (65 euros) for taxpayers who have no children to 6.5 million ROL for those having four or more children.

No deductions will be offered for wages exceeding the 30 million ROL limit.

Posted by Iulia Rasoiu : 1/11/2005 09:13:00 am