ARTICLE · 07 SEPTEMBER 1998
Slovak News - May 1998 - Laws And Rulings In Draft
SlovakiaLitigation, Mediation & Arbitration
Income tax prepayments
Based on the information provided by the Ministry of Finance, a new ruling related to the Income Tax Act amendment No. 60/1998 Coll. that introduced so called "millionaire surcharge" (see Slovak News from April 1998) is being prepared.
Under this ruling, individuals should pay higher 1998 income tax prepayments, including income from dependent activities, if their taxable income exceeds Sk 1,080,000.
The "millionaire tax" legislation will not apply to legal entities, i.e. corporate income tax prepayments will not be increased by the millionaire surcharge.
Social Security Act
A proposal of the Social Security Act on insurance basis that would replace the system of continual financing is being prepared.
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