Abstract
The new law on personal income taxes (Personal Income Tax Law, or PIT Law) replaced Ordinance 35, which only taxed the income of individuals in the high-income sectors. This new tax law has features that represent a significant departure from the older system, including the extension of the scope of the Personal Income Tax to nearly all the income earned by individuals, as well as to income previously exempt from income tax. The new system also taxes residents and foreigners on similar criteria, in place of the older two-tier system that taxed them separately. Furthermore, the reform introduced deductions and allowances for individuals and families and implemented new administrative procedures and data storage useful to the monitoring, calculation, and payment of tribute.
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