Year-end tax settlement 2024

For the 2024 year-end tax settlement, several key revisions have been made, including increases in the non-taxable limits for childbirth and childcare allowances, expanded income deductions on interest payments for long-term mortgage loans, and updates to the tax deductions for housing subscription savings. In this edition, we cover the following changes:

• Increased non-taxable limits for childbirth and childcare allowances
• Expanded income deduction for interest payments on long-term mortgage loans
• Enhanced child tax credits including additional credits for grandchildren
• Temporary increase in tax deduction rates for large charitable donations
• Expanded eligibility for medical expense tax credits and removal of deduction limits for children under six
• Tax deductions for housing subscription savings
• Increased income thresholds and limits for monthly rent tax credits
• Temporary increase in credit card income deduction rates
• Extension of income tax reductions for small and medium-sized enterprise employees and the special flat tax rate for foreign workers
• Introduction of marriage tax credits
• Removal of the non-taxable limit for childbirth support funds

For detailed information, please refer to the materials below. Should you have any questions regarding these year-end tax changes, feel free to contact us at any time.