Slovakias 23% corporate tax might be reduced to 21% later - FinMin.

By bne IntelliNews October 22, 2012
Slovakias corporate tax rate, which the government raised to 23% as of January 1, 2013 from 19% now, would most probably be reduced later to 21%, eTREND reported, quoting Finance Minister Peter Kazimir as saying on RTVS Saturday Dialogue show. The minister declined to say when exactly the tax rate would be likely to be reduced, saying that this would happen as soon as the development of public finances allows that. Slovakias social democratic government scrapped the 19% business-friendly flat tax rate and replaced it with a 23% tax on corporate profits and a 25% tax on individuals who earn more than EUR 3,300 per month as of January 2013. The tax hikes came in line with the governments austerity measures aimed at cutting the budget deficit to 2.94% of GDP next year from a projected 4.6% gap target for this year. The Finance Ministry expects the tax hikes to bring EUR 468.9mn in extra revenues next year, EUR 519.9mn in 2014 and EUR 551.9mn in 2015.

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