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New tax system enters second year

THIS YEAR, for the first time, a 19 percent flat tax will be levied on citizens' income from the previous year, including supplemental income earned separately from one's primary job, reported the SME daily.

The amount of annual tax-free income people could earn on the side rose from Sk10,000 (€258) in 2003 to Sk40,416 (€1,043) for 2004.

As of 2005, employees and self-employed people can reduce their annual tax burden by making payments towards supplementary pension savings, life insurance, and other pension savings.

The saver is required to continue his contributions for 10 years and deposited funds cannot be withdrawn until he is 55 years old.

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