In one of the Slovakian government’s key economic reforms intended to attract higher levels of foreign investment, the parliament has passed a new bill which introduces a new flat rate of income tax for both individuals and businesses of 19%.
Commenting on the new tax law, which will go into effect next year, Finance Minister Ivan Miklos said the reform will create a "fair, simple, and investment-oriented tax environment in the Slovak Republic," adding that he expects an influx of foreign investors as well as a reduction in tax evasion as a result of the new legislation.
The bill, though approved by parliament, still awaits the signature of President Rudolf Schuster, though it has received the backing of the OECD (Organisation of Economic Cooperation and Development) whose General Secretary David Johnston said: "This reform is very important, and OECD will monitor its development very closely".
The new tax legislation will also introduce a flat rate of VAT (Value Added Tax), also at a rate of 19%.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment