On Nov. 28, TAI GVT said no changes made to exemptions, deductions.
TAI GVT announced tax-related adjustments for 2025, including tax exemptions, deductions, tax brackets, and calculations for fixed tax-exempt retirement income.
Follows TAI GVT Nov. 2023 announced tax exemptions, deductions for 2024, #192255.
Adjustments
Adjustments are made annually based on changes in the consumer price index (CPI); when CPI increases by 3% or more, tax-related amounts are adjusted accordingly.
The adjustments also affect the basic income amount used to calculate income tax, deductible amounts for tax calculation, and certain insurance death benefits.
CPI increase for 2024 compared to 2023 is 2.29%, CPI increase for businesses from 2024 compared to 2022 is 4.8%, both are below threshold for adjustments.
As a result, no changes will be made to the exemptions, deductions, tax brackets.
Effectiveness
The announced figures will remain in effect for income tax filings in May 2025.
