Removal of the annual flat-rate tax (IFA) for companies with turnover below €1.5 million

Article 14 of the finance act for 2009 phases out the annual flat-rate tax on companies subject to corporate income tax in three stages: the first two brackets of the scale in Article 223 septies of the General Tax Code are removed on 1 January 2009, the next two on 1 January 2010 and the rest of the tax on 1 January 2011 under the initial timetable; the last step was later postponed by the 2011 Finance Act, and the IFA was abolished on 1 January 2014. The first stage exempts companies whose turnover plus financial income is below €1.5 million, which previously paid €1,300 or €2,000 of IFA.