Tax rises proposed by the Slovak government are one step closer to implementation after parliament on Wednesday, October 24, moved to its second reading the income tax amendment, the SITA newswire reported. If it receives final approval, the measure would come into effect at the beginning of next year. The draft amendment received 81 votes in support from the 142 deputies present, with 60 voting against and one abstaining.
Among its other effects, the amendment would limit the current 40-percent flat-rate deductible expenses for self-employed people to a maximum of €5,040 per year, or €420 per month. It would also end the possibility of lump-sum deductible expenses from property rent income, and increase the tax rate on corporate profits from 19% to 23%. The current 19-percent tax rate would continue to apply to personal income tax up to a tax base of 176.8-times the current subsistence level; above this tax base, the tax rate would be 25 percent.
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25. Oct 2012 at 14:00