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Today’s Top Headlines

Slovenia To Hike Corporate Income Tax

by Ulrika Lomas,, Brussels

14 September 2016

Slovenia will increase corporate tax by two percent and reduce personal income tax for middle-income taxpayers in 2017, the Government has announced.

Under a package of tax reforms recently approved by the Government, corporate tax will increase from 17 percent to 19 percent next year. The measure is expected to raise an extra EUR60m (USD67.4m) annually in additional revenues.

The tax reform package also restructures personal income tax rates and thresholds, with measures designed to make Slovenia more attractive to skilled workers.

Under tax rates in force this year, income up to EUR8,021.34 is taxed at 16 percent; income between EUR8,021.34 and EUR20,400 is taxed at 27 percent; income between EUR20,400 and EUR70,907.20 is taxed at 41 percent; and income above EUR70,907.20 is taxed at 50 percent.

The tax package retains the first two tax brackets at the same rates but introduces a new 34 percent bracket on income between EUR20,400 and EUR48,000, with income between EUR48,000 and EUR70,907.20 taxed at 39 percent. Income above the highest threshold will continue to be taxed at 50 percent.

The personal income tax changes are expected to reduce tax revenue by EUR106m. However, the Government expects to recoup revenue lost from the tax cuts from a strengthening of the economy.

TAGS: tax | Slovenia | corporation tax | tax rates | tax reform | individual income tax

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