Slovak craftsmen will probably be allowed to deduct up to 60 percent of lump expenses, insurance payments, and their non-taxable base from their incomes, Slovak Finance Minister's advisor Peter Papanek told news wire TASR.
Though the income tax amendment, which introduces a flat 19 percent tax for both individual and corporate entities as of January 1, originally proposed a 25 percent lump expense deduction for all businesses, the Finance Ministry has decided to make it up to 60 percent for craftsmen.
The 19 percent income tax will then be calculated from the remainder left after subtracting lump expenses, insurance payments, and non-taxable base from total income.
The change will be presented in Parliament during discussion on the income tax draft bill. The draft, aimed at simplifying Slovakia's tax system, has already been passed into its second reading and should be discussed during the ongoing parliamentary session.
Compiled by Beata Balogová from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.
24. Oct 2003 at 10:51
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