IN SHORT

Mikloš: Lower income tax would cut evasion

LOWERING Slovakia's income tax rate from 19 to 15 percent by 2010, in gradual cuts of one percentage point each year, would have no negative impact on the amount of taxes collected, according to Finance Minister Ivan Mikloš.

"We predict that people would be more willing to pay these taxes, meaning that the scope for tax evasion would be eliminated," said Mikloš at a press conference on April 28.

According to Mikloš, the gradual cuts of one percentage point each year with the goal of reaching 15 percent in 2010 would also increase foreign investments to Slovakia and boost economic activity.

Lower tax incomes from individuals will be compensated by higher profits and the resulting taxes paid on these profits, TASR wrote.

The definitive income tax results for 2005 will not be known until this autumn, Mikloš added.

According to the preliminary figures of the Slovak Tax Bureau, however, the amount of income tax from legal entities should reach Sk39.1 billion (€1.04 billion) or 2.7 percent of GDP in 2005.

According to the Finance Ministry's current macroeconomic prognosis and the 2005 projected yield, the income tax of legal entities should be Sk43.9 billion in 2006.

The processing of personal data is subject to our Privacy Policy and the Cookie Policy. Before submitting your e-mail address, please make sure to acquaint yourself with these documents.

Top stories

Prosecution of OL'aNO member has been delayed for months but witnesses have already testified

Security analyst Jaroslav Naď provoked the investigation with questions about Russian spies at the embassy.

Jaroslav Naď

Another woman found dead in Bratislava

Police say there is no connection with the murder of an English teacher.

An illustrative photo

Traditional Charity Christmas Bazaar returns to Stará Tržnica

The Bazaar provides a unique opportunity for countries to introduce themselves to the local community.

Christmas Bazaar 2008, Old Market Hall

It matters when two bishops speak up against Kuffa

“Clero-fascism” is more than just a textbook term in Slovakia.