From 1 April 1998, the tax surcharge is added to the income tax liability, starting at 5% up to a maximum of 30%. The following table summarises how the surcharge will be calculated:
Taxable income (Sk) Tax sur-charge Effective marginal tax rate Below Sk 1,080,000 Nil Unchanged Sk 1,080,001 - Sk 3,240,000 5% 44.1% Sk 3,240,001 - Sk 9,720,000 10% 46.2% Sk 9,720,001 - Sk 21,600,000 20% 50.4% Sk 21,600,001 and above 30% 54.6%
The amendment should become effective when published in the Collection of Laws, presumably from 1 April 1998.
The information in this newsletter is correct to the best of our knowledge and belief at the time of going to press. Specific advice should be sought, however, before investment and other decisions are made.
For further information contact Mr Frank Walsh on +421 7 5340 545 Email directly on Click Contact Link