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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.


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