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FinMin prepares more tax changes

SLOVAKIA's Finance Ministry is working on further changes to the Income Tax Act.

According to the Hospodárske noviny daily, the ministry is considering banning legal entities from assigning 2 percent of their income tax to be paid to NGOs, as the act currently allows. Instead, the money would go directly to the state budget, the newspaper reported.

This year, NGOs in Slovakia gained around Sk700 million from the 2 percent provision. According to former Finance Minister Ivan Mikloš, the proposed changes will hurt the NGO sector.

The ministry is also considering canceling the possibility for employees as well as self-employed people to deduct Sk12,000 a year from their taxable incomes if they are saving in the country's supplementary pension scheme.

Should this proposal be approved, Slovakia could find itself in a legal battle with its pension savings companies, some of which are already signaling that they would take the case to an international court of arbitration.

Finally, the ministry is also considering cancelling the non-taxable Sk300,000 base for firms.

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