2020 TARIFF REDUCTION FOR DISMISSAL PAYMENTS

Updated on 28 January, 2020

The tariff reduction for termination benefits, as published in the National Gazette of 29 March 2019, has not been changed. This policy will apply until 31 December 2020.

The income tax (AB 1991 no. GT 51) is reduced to 15% for termination benefits paid during the calendar year 2020.

Severance compensation is understood to be a compensation as referred to in Article 11 (1) (a) of the National Ordinance on Income Tax (AB 1991 no. GT 51), which is awarded to a dismissed employee and is directly related to this dismissal.

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