Slovakia is to get its 19% flat rate of income tax next year after legislators overruled President Schuster’s earlier decision to block the move.
The President had argued that the new tax would not be beneficial to Slovakians on low incomes or pensions when vetoing the move last month. However, in a parliamentary procedure, lawmakers were able to lift the Presidential veto after supporters of the flat tax won a vote 78-54 in the assembly. According to reports, the President's opponents only just gained the votes needed to break the deadlock.
The new tax rate is set to take effect on January 1 next year, and is supported by the Finance Minister Ivan Miklos, who said last month that the reform would create a "fair, simple, and investment-oriented tax environment in the Slovak Republic."
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