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Finance Ministry suggests unifying self-employed tax deductions to 35 percent

THE FINANCE Ministry suggests unifying the level of tax deductions available to self-employed people with income exclusively from handicrafts to 35 percent of their total income.

At the moment, these self-employed individuals can deduct up to 60 percent of their income, and they can do so without having to keep proper accounts.

Self-employed people earning income outside the handicraft sector who do not keep accounts are able to deduct 25 percent of their income.

In addition to the flat 35-percent deduction proposed by the ministry, businesspersons would still be able to deduct compulsory payments to social and healthcare funds. This stems from the draft revision to the income tax law discussed by the cabinet August 24.

Finance Ministry advisor Peter Papanek told the SITA news wire that self-employed individuals would, for the first time, be able to deduct 35-percent of their incomes for the tax year 2006.

He said the ministry wants to unify tax deductions chiefly due to frequent amendments to the tradesmen law, which alters the list of handicraft activities falling under the higher deduction 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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