Estonia, Financial Services, Legislation, Taxation
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Riigikogu approves of reducing income tax rate in Estonia
Juhan Tere, BC, Tallinn, 16.06.2011.
Print version
Print versionThe Estonian Riigikogu approved on Thursday of amendments to the income tax law that will reduce the income tax rate from 21% to 20% in 2015, LETA/National Broadcasting reports.
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Reducing the income tax rate by 1 percentage point will reduce the income of the state in 2015 by 70 million euros as collection of private individuals income tax will fall by 57 mln euros and corporate income tax by 13 mln euros, LETA/Postimees Online said.
At the same time the law cuts the ceiling of tax concessions a private individual can subtract from his taxable income from 3,196 euros to 1,920 euros a year.
The bill also frees work-related training of fringe benefits tax in the future and allows private individuals to subtract forest management costs from forest selling income on certain conditions.
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