We would like to inform you of the below important changes in relation to Social Security and National Health System (GESY) contributions and the personal income Tax:
Social Security contributions
As from 1st January 2020 the monthly maximum insurable gross salary in respect the Social Security contributions will increase to €4.572
GESY-National Health System
As from 1st March 2020 the GESY-National Health System will increase to:
| Categories | March 2020 |
| Employees | 2,65% |
| Pensioners | 2,65% |
| Other Income e.g. interest, dividends, rental income | 2,65% |
| Directors | 2,65% |
| Self Employed | 4,00% |
| Employers | 2,90% |
The maximum taxable amount per individual remains at €180.000
Personal Income Tax
The House of Parliament, on the 6th of December 2019, approved an increase in the percentage of maximum allowable tax deductions in relation to life insurance, medical insurance, social security, pension fund, and provident fund contributions from 1/6 of gross income that was applicable up to 31 December 2018 to 1/5 of gross income.
The above is applicable from the 1st January 2019 (tax year 2019) onwards.