FinMin announces final draft of “millionaires’ tax”

THE FINANCE Ministry has prepared the final draft of a revision to the Income Tax Act that would raise the tax burden on people with higher incomes, as promised in the government's programme manifesto.

Rather than raising the income tax rate for wealthy people from the current 19 percent tax rate, the draft calls for those with higher incomes to progressively lose the right to declare a basic amount of their income, currently Sk91,000, exempt from tax. Next year, the basic tax-exempt amount should go up to Sk95,616.

The latest draft provides that employees with gross annual salaries exceeding Sk1.06 million, or Sk88,500 per month, will be unable to declare any portion of their income tax-exempt.

The highest monthly income at which individuals will still be able to deduct the full tax-exempt amount will remain equivalent to 10-times the subsistence level, or about Sk56,000 a month.

Self-employed people with annual incomes exceeding Sk597,600 after expenses and insurance premiums are deducted will also pay more in income tax.

According to Finance Ministry adviser Richard Sulik, the revision should take effect next January, the SITA news wire wrote.

Top stories

The interactive exhibition Elements of Art is dedicated to the 70th anniversary of the Žilina Music Conservatory on November 18, 2021.

Weekend: US basketball players score big in Slovakia

A potential Christmas present, one hike, nice sports stories, and more. Dive into reading this week's roundup.


26. nov

News digest: Employers finally get manual for employee Covid testing

Bratislava starts the Christmas season online and the refurbishment of one of the biggest fountains in Slovakia. Tatra ski resorts have switched on their snow-making machines.


26. nov
Christmas trees began appearing in the squares during the First Czechoslovak Republic and there is a touching Christmas story behind it.

Lockdown for just two weeks? Forget it, say experts

The experts advising the government expect some rules may lift before Christmas, but only for the vaccinated.


26. nov
Chicago Blackhawks right wing Marián Hossa prepares for a face off against the Florida Panthers during an NHL hockey game in March 2017.

The (in)conspicuous superstar that had to suffer to achieve great things: Marián Hossa

The Slovak hockey player has been inducted into the Hockey Hall of Fame.


25. nov
Skryť Close ad