Spectator on facebook

Spectator on facebook

Higher tax rates come into effect as of January 1

Changes to the Income Tax Law, introducing higher tax rates for entrepreneurs and individuals with exceptionally high incomes, came into effect on January 1.

Changes to the Income Tax Law, introducing higher tax rates for entrepreneurs and individuals with exceptionally high incomes, came into effect on January 1.

Corporate tax has gone up from 19 to 23 percent, while people earning more than €3,246 per month will now see their income-tax rate rise to 25 percent. An additional tax rate (an extra 5 percent) applies to selected constitutional officials, including the president and members of parliament and the government. The rate will remain at 19 percent for everyone else, the TASR newswire reported.

A limit to the 40-percent, lump-sum, tax-deductible expenditures was also introduced, with the upper limit projected to stand at €5,040 per year, or €420 per month.

The Finance Ministry expects this batch of measures to yield €376.6 million, or 0.51 percent of GDP, to state coffers over this year. Further revenue gains are expected in the years ahead – €415.9 million and €445.2 million in 2014 and 2015, respectively, according to TASR.

Source: TASR

Compiled by Spectator staff from press reports

The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.


Top stories

Kiska stays away from parliamentary politics

President Kiska has dispersed all questions surrounding his future in politics before Easter, when he announced he was not planning to run for parliament.

Andrej Kiska does not want to walk down the path of party politics.

Danko’s office opens MPs’ letters

OĽaNO wants Danko to step down as parliament’s speaker after what they call an unprecedented measure.

Igor Matovič (l) and Ján Budaj (r)

Train travel to Košice via south to return

The Transport Ministry will restore the operation of fast trains on the southern route as of June.

Government ignores anticorruption demands Photo

Protesters gave the government two weeks to fulfil their demands.