Overall cap on tax breaks lowered to €20,000 plus 8% of taxable income

Article 81 of the 2010 Finance Act lowers the overall cap on certain income tax advantages (Article 200-0 A of the General Tax Code), created in 2009: the fixed part falls from €25,000 to €20,000 and the variable part from 10% to 8% of taxable income. The new cap applies from the taxation of 2010 income, for advantages granted for expenses paid and investments made on or after 1 January 2010, with exceptions for overseas investments and housing committed before that date. The article stems from an amendment by the Senate finance committee. The cap was later lowered several times.