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Parliament passes two tax amendments to second readings

On Wednesday, February 11, Slovak Parliament unanimously passed an amendment to the Income Tax Act to its second reading.

On Wednesday, February 11, Slovak Parliament unanimously passed an amendment to the Income Tax Act to its second reading.

The measure, which increases the tax-deductible portion of personal income by almost €600 per year, was approved by the government on Monday as part of its package to deal with the effects of the global financial and economic crisis, the TASR newswire wrote.

The opposition supports the government's anti-crisis measures but has criticised the cabinet for introducing them too late. It has also said the measures do not go far enough.

The tax-deductible amount is set to be increased from the current level of €3,435 to €4,027 per year, as of April. The measure is expected to reduce state budget revenues by almost €150 million.

Parliament on Wednesday also passed to a second reading a bill that would shorten the period for refunds of overpaid VAT from 60 days to 30. The amendment to the VAT procedure is also intended as a crisis response and is being dealt with through a fast-tracked legislative procedure, the TASR newswire wrote. TASR

Compiled by Zuzana Vilikovská from press reports
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