BUSINESS BRIEFS

Flat tax will burden middle classes

THE NEW flat-rate income tax of 19 percent, due to begin in January 2004, will mainly hit the middle classes, according to Pavol Ondriska, analyst with Slávia Capital.

"Workers earning a gross monthly salary of about Sk11,000 (€267) will pay more income tax than now," he said. "In addition, they will face a higher burden of VAT."

VAT will also be set at 19 percent. Ondriska said the group represents about a third of the Slovak population.

Meanwhile, Finance Minister Ivan Mikloš said the new tax rules would be much simpler than the current ones because they would be applied as a new law, rather than as amendments to the current one.

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