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Slovak companies and people on high incomes to pay more in taxes

Companies in Slovakia are set to pay tax at 23 percent on their profits instead of the current 19 percent, Prime Minister Robert Fico said after a session of the Council for Solidarity and Development held on Thursday, May 24. The government hopes the hike will raise an additional €366 million in tax revenues.

Companies in Slovakia are set to pay tax at 23 percent on their profits instead of the current 19 percent, Prime Minister Robert Fico said after a session of the Council for Solidarity and Development held on Thursday, May 24. The government hopes the hike will raise an additional €366 million in tax revenues.

According to Fico, the basic personal tax rate will stay at 19 percent. However, those with an income exceeding a certain "very high" threshold will have to pay more. "It's premature to discuss specific figures at this moment," Fico said, as quoted by the TASR newswire.

The president of the AZZZ employers' association, Rastislav Machunka, said that the Government is considering a 25-percent tax rate on incomes exceeding €3,000 per month. "We respect the strong political mandate this government enjoys for introducing such a measure. However, we can't agree with it, as we consider punishing those who are successful and who create conditions for employing people with lower incomes to be a backward step and the wrong approach," said Machunka.

Source: TASR

Compiled by Zuzana Vilikovská from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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