Spectator on facebook

Spectator on facebook

IN SHORT

Changes in taxes for the rich

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 Sulík, the revision should take effect as of next January, the SITA news wire wrote.

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

Police investigate protest organisers over Soros allegations

The National Criminal Agency wants to see the accounts of the protest organisers due to a criminal complaint alleging they are paid by George Soros.

All eyes on Humenné: The symbol of Smer's decline

The loss of Smer's Jana Vaľová in the mayoral race has become symbolic of the 2018 municipal vote.

Jana Vaľová

"Pick your own" strawberries in November Photo

There are about three tonnes near Piešťany. They are hard but still sweet.

November strawberries

Tom Odell surprised Slovak band in Bratislava Video

The British artist was wearing a T-shirt, presented to him by the Tolstoys, from start to finish at his Bratislava concert.

Tom Odell