Cabinet approves income tax bill

The cabinet has accepted the draft of a bill on income tax that would introduce an flat 19-percent rate for all taxpayers as of next year. The bill would increase the annual non-taxable threshold for individuals to 19.2 times of the official monthly subsistence level, as on January 1 of the related tax period.

Currently, individuals pay progressive income tax of between 10 and 38 percent, while corporate entities pay income tax of 25 percent.

The government has also introduced a special income tax category that would make it easier for tradesmen to start up businesses, without burdening them with keeping detailed accounts. The bill will be discussed in parliament in the autumn.

Compiled by Beata Balogová from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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