Further cuts to corporate tax rate planned

CUTS to the corporate tax will continue as pledged by the government a number of times in the past, Finance Minister Peter Kažimír told the TASR newswire. He however failed to specify what the bottom rate would be.

CUTS to the corporate tax will continue as pledged by the government a number of times in the past, Finance Minister Peter Kažimír told the TASR newswire. He however failed to specify what the bottom rate would be.

"I don't want to set any specific rate that we're aiming for; I just want to say that the trend of reducing the tax will continue," said the minister as quoted by TASR.

The government of Prime Minister Robert Fico increased the originally 19-percent corporate tax to 23 percent in line with the across-the-board consolidation initiative to tackle the effects of recession back in 2012. The measure came into effect as of January 1, 2013. Just one year later, the same government proposed to reduce the rate to 22 percent as of January 2014.

"It was necessary due to the consolidation package that had to be dealt with. We said at the same time that as soon as the macroeconomic developments – and mainly better tax collection – allow we would lower the rate," Kažimír said.

He rejects opposition criticism which claims reducing the corporate tax after only one year is an admission that the original idea to increase the tax was a mistake.

Source: TASR

Compiled by Michaela Terenzani from press reports
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