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Changes in taxes for the rich

RATHER than introducing the “millionaire’s tax” - a higher income tax bracket for high earners - originally planned by the Fico government, the Finance Ministry has proposed that people who earn more than Sk49,800 per month lose the right to deduct a basic non-taxable amount from their annual gross earnings.

Currently, all taxpayers are allowed to deduct Sk91,000 from their gross earnings every year, as well as obligatory social and health insurance payments. Personal income tax is calculated from the remainder.

According to the proposed new rules, people who earn from Sk49,800 to Sk62,000 a month would see their deductible tax base gradually reduced to zero. The effect would be that people with a monthly wage of Sk62,000 and above would pay Sk18,000 more in taxes per year, an increase of 13 percent, the Pravda daily wrote.

According to the Finance Ministry, around 3 percent of current taxpayers, or about 60,000 people, would be affected by the new rules, which are expected to bring the state another Sk1 billion annually in taxes.

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