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ECONOMIC BRIEFS

Deputy PM Mikloš advocates 29% corporate tax

Deputy Prime Minister for Economy Ivan Mikloš said that he favoured lowering corporate tax from the current 40% to 29%, rather than the 35% the Finance Ministry has proposed. Mikloš said that whether companies paid 35 or 29% income tax made little or no difference to state budget revenues. "The 29% tax rate would have a stimulating effect, so in two or three years budget revenues would be higher than if we set the tax at 35%," he said.

Mikloš also said it might be possible to replace a scrapped increase to taxes on motor vehicles with a road tax for individuals. "If this becomes technically impossible, there is also still space to increase the consumer tax from tobacco, alcohol and gas," he said.

On September 23, Finance Minister Brigita Schmögnerová introduced a draft income tax law that is expected to take force on January 1, 2000, and that proposes to decrease the corporate income tax rate from 40 to 35%

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