Changes in tax law needed

PARLIAMENT may make changes to the recently approved flat tax law that introduces a flat 19 percent tax in the country.

The approved law states that a tax will be imposed on revenues from the capitalization pillar of the pension savings in which people will be able to save additional money for their retirement in private funds as of 2005.

Putting a tax on the savings would, according to several politicians and analysts, discourage people from entering the new plan at all.

The Labour Ministry therefore wants to agree with the Finance Ministry to change that aspect of the tax law. MPs will be able to make the changes in December, as President Rudolf Schuster vetoed the tax law and it will be on agenda next month.

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

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