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.

The processing of personal data is subject to our Privacy Policy and the Cookie Policy. Before submitting your e-mail address, please make sure to acquaint yourself with these documents.

Top stories

We want a decent Slovakia, people chanted in squares

On the eve of the Velvet Revolution anniversary, people protested in the thousands, calling for a decent Slovakia.

Bratislava protest November 16, 2018

What we didn't know about our freedom

In 1989, we thought that once the job was done, we would only go out to the squares for Sunday walks.

November 1989 in Bratislava

The courage to fight for democracy

Authoritarian societies squander the possibilities of human achievement, of lives lived to their fullest, writes the US ambassador to Slovakia.

Illustrative stock photo

While France has Beaujolais Nouveau, Slovakia has St Catherine's wines

This warm summer with an early harvest was a blessing for young wine.

St Catherine's wines