Value added tax (VAT)
Basic VAT rate: 20 percent
Reduced VAT rate on books and medicines: 10 percent
The flat income tax rate for individuals as well as corporate entities is currently 19 percent.
But the Robert Fico government plans to increase as of 2013 corporate income tax to 23 percent, and income tax on private individuals to 25 percent on persons with an annual tax base exceeding 176.8-fold the monthly subsistence wage (€194.58 for 2013). The rate up to this level remains at 19 percent.
These hikes are part of the government’s financial consolidation package, which also includes the introduction of a special levy on banks and state-regulated companies.
24. Sep 2012 at 0:00 | Compiled by Spectator staff