Income Tax Act amendment showered with criticism

A NUMBER of institutions and organisations have expressed their discontent with measures proposed within the amendment to the Income Tax Act, which the Finance Ministry has submitted for interdepartmental review. The ministry has received a total of 620 comments, including 283 essential proposals. Apart from state and public institutions, the critics include employer commercial, business and professional organisations.

A NUMBER of institutions and organisations have expressed their discontent with measures proposed within the amendment to the Income Tax Act, which the Finance Ministry has submitted for interdepartmental review. The ministry has received a total of 620 comments, including 283 essential proposals. Apart from state and public institutions, the critics include employer commercial, business and professional organisations.

“We have to distinguish between constructive suggestions and mere attempts to maintain the status quo together with space for tax evasion, which we can not accept," said a Finance Ministry spokesman. The department adds that it will deal with the proposals for changes and comment on them after evaluating them.

The Finance Ministry proposes several changes in the amendment: It wants to tighten the definition of tax and non-tax expenses, establish limits for buying a vehicle for business purposes and introduce changes in depreciation and amortisation rules. The proposed changes also include the support to companies involved in research and development. The ministry argues with efforts to support the business environment and boost tax fairness.

Several entities, however, do not see the ministry’s proposal in the same light. The Association of Private Doctors criticises the proposal to introduce mandatory cash registers at doctors’ practices. The American Chamber of
Commerce in Slovakia disagrees with the proposed changes in depreciation and amortisation, as well as with the assessment of tax expenses. Business associations do not like stricter rules in administration, either. The employers’ association Klub 500 points out that the proposed changes will add
administrative burden to taxpayers due to changes in the software related to tax deductions.

(Source: SITA)
Compiled by Zuzana Vilikovská from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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