Spectator on facebook

Spectator on facebook

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
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

Top stories

Šumiac breaks sweat record: first sauna to be revived

The sauna built in Šumiac by miller Michal Demo after returning from Russian captivity was the first one not just in Slovakia but in the entire former Czechoslovakia. Now it can be saved and re-used.

The construction of first Slovak sauna in Šumiac

Foreigners: Top 10 events in Bratislava Video

Tips for the top 10 events in the capital between August 18 and August 27, as well as regular services in different languages, training for foreigners in English and highlights of the year.

Pivobrana - Beer Festival

Have you ever climbed a via ferrata? Photo

In central Slovakia, there is one also suitable for beginners. Here are some of the views it offers.

Agrokomplex opens its gates Photo

This year’s exhibition has more discussions with experts and a family programme.