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Plans announced to make tax returns simpler

The Slovak Finance Ministry is planning several changes to the Income Tax Act, which it says are intended to decrease the administrative burden on local businesspeople. One of the changes should be to simplify tax returns, which will also affect individual taxpayers, the TASR newswire wrote on Tuesday, May 28.

The Slovak Finance Ministry is planning several changes to the Income Tax Act, which it says are intended to decrease the administrative burden on local businesspeople. One of the changes should be to simplify tax returns, which will also affect individual taxpayers, the TASR newswire wrote on Tuesday, May 28.

Finance Minister Peter Kažimír announced that his ministry wants to scrap the duty to report cash payments, and raise the limit above which there is a duty to pay quarterly advance tax payments for companies from the current €1,659.70 to €2,500.00, unifying it with the limit for individuals. This will effectively mean that fewer companies will have to make quarterly advance payments. The ministry also intends to introduce a binding stance on taxes – enabling all companies and businesspeople to ask for an interpretation of directives regulating income tax, value added tax, and excise tax. However, this service will be a paid one, and the fees may be substantial.

Source: TASR

Compiled by Zuzana Vilikovská from press reports
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