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Government approves FM Kažimír's package of amended laws

In the absence of Prime Minister Robert Fico, the government on Wednesday, July 10 approved a package of draft amendments to eight laws, which, according to the Finance Ministry, should reduce the administrative burden on businesses and help combat tax fraud.

In the absence of Prime Minister Robert Fico, the government on Wednesday, July 10 approved a package of draft amendments to eight laws, which, according to the Finance Ministry, should reduce the administrative burden on businesses and help combat tax fraud.

The government, for example, approved the cancellation of revenue stamps, effective as of July 1, 2014, the SITA newswire wrote. In the following year, payment of administrative fees by cash or credit card will gradually be introduced. Changes to become effective from the beginning of next year pertain to international taxation, withholding taxes and the donating of 2 percent of paid personal income tax by employees. The cabinet approved a package which also contains measures that should help fight tax fraud: the introduction of a so-called Value-Added Tax (VAT) control statement, which should bring more efficient and faster control of taxpayers; more effective tax administration; and reduction of red tape in the excise tax on electricity, coal, and natural gas. The legislation is aimed at making it easier for entrepreneurs to state the volume of provable expenditures via their tax records, the TASR newswire wrote.

It will also be easier for small and micro-entrepreneurs to obtain state assistance for their research and development activities, according to an amendment to the law on conditions governing the eligibility of businesses for stimuli aimed at research and development, drafted by the Education, Science, Research and Sport Ministry and approved by the government.

The government at its session also approved investment assistance worth €5.67 million in the form of income-tax relief for automobile components producer Mobis Slovakia, TASR learned. The assistance will be granted in relation to a project that involves expanding the firm's production plant. Mobis is set to add to its portfolio the manufacture of power-steering and brake systems for Žilina region-based carmaker Kia. Mobis is ready to invest €46.37 million and create 189 new jobs in relation to the expansion.

(Source: SITA, TASR)
Compiled by Zuzana Vilikovská from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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