Overall cap on tax reliefs lowered to €18,000 plus 6% of taxable income

Article 106 of the 2011 Finance Act lowers the overall cap on certain income tax reliefs (Article 200-0 A of the General Tax Code) from €20,000 plus 8% of taxable income to €18,000 plus 6%. Introduced in the National Assembly on the initiative of its finance committee, with the Government's support, the measure applies from the taxation of 2011 income, for reliefs linked to expenses paid and investments made from 1 January 2011. Exceptions protect certain overseas and property investments committed before 2011. The cap was lowered again to €18,000 plus 4% in 2012.