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Slovakia's Parliament has passed legislation raising corporate and personal taxes from the beginning of 2013 and ending a 19% flat tax rate regime introduced nine years ago.
From next year, high earning companies will pay 22%, while individuals earning more than 176.8 times the official subsistence level will pay 25%. Further, expenses allowable for self-employed individuals will be capped at EUR5,040 per year.
The 19% flat rate had previously been praised by international organizations and investors, although its application to VAT was criticized for raising the cost of food. VAT was raised to 20% from the beginning of 2011, and the Prime Minister, Robert Fico, announced plans to introduce progressive taxation in March 2012.
Mr Fico said earlier this year that a flat tax rate "does not have a place in this world" during the current economic climate.
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