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Kažimír: If budget allows, we want to reduce taxes and deductions

TAXES and deductions could possibly be reduced this year, Finance Minister Peter Kažimír told the TASR newswire on January 2, adding, however, that budgetary developments will be important as he wants to keep the approved deficit at 2.3 percent of GDP.

TAXES and deductions could possibly be reduced this year, Finance Minister Peter Kažimír told the TASR newswire on January 2, adding, however, that budgetary developments will be important as he wants to keep the approved deficit at 2.3 percent of GDP.

“If the fiscal goals allow us, we want to reduce taxes and deductions,” said Kažimír, as quoted by TASR. “In this new year we’ll have space to consider whether we should choose the form of an across-the-board tax allowance for taxes on companies, broaden the deductible part of health-care deductions or increase the number of beneficiaries of that deductible part. It will be completely legitimate to have a discussion on this.”

The recently approved reduction in the deduction burden of low-income employees via the deductible part of health-care deductions has been in force since January 1, 2015. According to the Finance Minister, there is a need to wait a couple of months to see what effects this measure will have in practice. He assumes that in the first few months positive results will be encountered. He also underlined the importance of strengthening domestic consumption and investments in periods of falling external demand.

Kažimír added that the potential complete cancellation of health-care deductions and their incorporation into the tax system, which has been discussed for years, could become one of the pre-election topics. However, the cancellation of these deductions would lead to an increase in taxes.

Another package of social measures that was suggested by Prime Minister Robert Fico will take on concrete shape after the first prognosis of economic developments and state incomes this year. However, the approved budget framework must be upheld, and there is no threat of excesses in the sphere of fiscal discipline, according to Kažimír.

Source: TASR

Compiled by Roman Cuprik from press reports
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