Parliamentarians in Slovenia have been discussing amendments to tax laws affecting corporate income tax, value added tax, payroll taxes and tax procedure legislation, the Slovene Press Agency, STA, has reported.
Following lengthy debate in the parliamentary finance committee last week, Slovenia's Finance Minister, Andrej Bajuk announced that legislators have given their consent to the phasing out of the payroll tax by 2009. The committee resisted suggestions by the opposition Liberal Democrat party that the tax should be phased out by 2007, given that this is the year in which Slovenia intends to adopt the euro.
Much debating time was taken up with the issue of corporate tax, and the committee eventually decided to approve a 20% tax relief to encourage research and development, with a possible 40% relief possible for companies in economically deprived areas of the country.
On the issue of VAT, the committee has consented to amendments allowing firms with up to SIT50 million (US$235,000) in annual revenues to pay the tax when an invoice is settled, rather than when an invoice is issued, as is currently the case.
The proposed amendments are due to be debated in parliament this week, and if approved are expected to enter into force on January 1, 2006.
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