Profits from selling shares should be made tax-free, and the system of fines for breaking accounting and tax-payment rules should undergo changes, according to proposals presented by the American Chamber of Commerce (AmCham) at a meeting with Finance Minister Ivan Mikloš on Thursday, November 18.
"We need to look into this in detail and assess all the possible effects," Mikloš said after his talks with AmCham. He agreed that the current system of fines in relation to accounting and taxation procedures is not a good one. "A company that is reluctant to co-operate with the relevant authorities can end up with lower fines than another company that does co-operate," explained the minister. "The taxation of capital incomes from sales of company shares is also a problem, as these are actually taxed twice," said Mikloš, adding that if AmCham's proposals are implemented, Slovakia's competitiveness and economic growth would increase, and the country could see more investments.
Compiled by Zuzana Vilikovská from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.
19. Nov 2010 at 10:00