Spectator on facebook

Spectator on facebook

New budget plans to cut income tax for companies

The income tax of legal entities should be reduced as of next year from 23 to 22 percent, according to the latest public budget proposal October 10, the Hospodárske Noviny daily wrote. While the proposal has not been published yet, the Finance Ministry has confirmed the planned change.

The income tax of legal entities should be reduced as of next year from 23 to 22 percent, according to the latest public budget proposal October 10, the Hospodárske Noviny daily wrote. While the proposal has not been published yet, the Finance Ministry has confirmed the planned change.

“Yes, I can confirm the reduction in income tax rate for legal entities in 1 percentage point,” ministry spokesman Radko Kuruc, told the TASR newswire. After this amendment is passed, companies will have an extra €90 million in cash on hand.

The lower income tax rate is not the only change under consideration. The Finance Ministry is considering, according to the daily, the introduction of tax licenses – a minimum fee for companies that have reported loss so far and paid no taxes to state coffers. This would work similarly like the minimum payroll taxes and levies for the self-employed.

This year, 169,000 companies do not have to pay advances on taxes – which is 85 percent of the total that gave tax returns. Such licenses are in effect also in other European countries, including Austria, Luxembourg, Hungary, France or Italy, the daily wrote.

(Source: Hospodárske Noviny, 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.

Top stories

Former Kaliňák deputy to become interior minister

The ruling Smer chooses Denisa Saková as the replacement for Tomáš Drucker. Her name creates concern among transparency watchdogs.

Denisa Saková

Bahraini journalist: You cannot build a real public opinion without journalism

In 2011, Nazeeha Saeed was beaten and tortured by authorities for covering pro-democracy protests. Now, she’s fighting back.

Nazeeha Saeed

Fifth carmaker in Slovakia?

Cabinet gave the industrial park in Haniska the statute of strategic investment

The developed rail infrastructure in Haniska has helped to the launch of the industrial park.

Nová Cvernovka: Artists mortgaged their property, became managers Photo

Photographer Šymon Kliman comments on his cooperation with the self-governing region and what they have planned for the future.

Leading personalities of Nadácia Cvernovka foundation: account manager Braňo Čavoj, director Vilo Csino and photographer Šymon Kliman. Designer Boris Meluš is not in the photo.