Philenews

Tax Department Releases Guide to Tax Deductions – Detailed Information

Published January 9, 2026, 12:17
Tax Department Releases Guide to Tax Deductions – Detailed Information

The Tax Department today released a guide to the 2026 tax reform, including details on income tax and claiming tax deductions. The guide is available on the department's website and includes the Application for Claiming Tax Deductions (T.F.59) in editable format, an explanatory guide to implementing the reform, frequently asked questions, and application examples. The Tax Commissioner, Sotiris Markidis, stated that the guide will help taxpayers understand the new legislation, which applies from January 1st. He also announced that an Income Tax Calculation Tool will soon be available online, which will calculate the amount of tax before and after the reform, as well as the tax benefit. Mr. Markidis urged employees affected by the changes to carefully study the guide and complete the Application for Claiming Tax Deductions (T.F.59) as soon as possible, so that the new data on income tax withholding can be applied.