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New rules for income tax assignment

New rules will apply to companies in Slovakia wanting to assign a portion of their income tax to non-profit organisations this year. The new regulations took effect as of January and will apply to taxes payable for income received in 2010, the SITA newswire wrote.

New rules will apply to companies in Slovakia wanting to assign a portion of their income tax to non-profit organisations this year. The new regulations took effect as of January and will apply to taxes payable for income received in 2010, the SITA newswire wrote.

“If companies want to assign 2 percent of their income tax to non-profit organisations as they did before, one quarter of the 2-percent sum has to be provided as a donation,” explained the author of the mechanism, Peter Haňdiak, adding that a legal entity which does not donate a sum equalling 0.5 percent can assign only 1.5 percent of its taxes. Private individuals, however, can transfer 2 percent of their income tax to NGOs with no further obligation, as before.

Last year Slovak NGOs raised €44.146 million from the tax-assignment mechanism, according to the Tax Directorate, 20 percent less than in 2009. The drop was ascribed to the general decline in income tax payment.

In 2002, approximately 4,000 NGOs were registered in the mechanism. The number has risen to 10,000 for 2011. The entire list is available on the website www.rozhodni.sk.

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Topic: Finances and Advisory


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