Flat income tax rate passed

Parliament passed a key bill of the Dzurinda team's tax reform. The bill introduces a flat 19 percent income tax as of next year for individuals and corporate entities.

Along with the ruling coalition deputies, part of the opposition supported the bill.

Finance Minister Ivan Mikloš said that the bill would fundamentally improve the business environment in Slovakia and increase people's motivation to work. Mikloš also expects tax evasion to drop and the influx of foreign investments to Slovakia to rise. He is certain that the public will notice positive effects of the reform during the current election term.

The new tax reform, along with the flat tax rate, also increases the non-taxable portion of citizens' incomes to 19.2 times the subsistence level, valid on January 1 of the relevant period, which for next year will be Sk80,832 (€1,952), news wire SITA reported.

President Rudolf Schuster must still sign the law.

According to the current income tax law, income in Slovakia is taxed at a rate depending on taxable income and on whether the taxpayer is a corporate entity or a private individual. In general, it raises the tax rate proportionally to income level.

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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