The Government publicly announced its incentive to amend some tax law provisions in the period between 1999 and 2002.
Due to heavy direct taxes burden, it will be necessary to cut down the corporate income tax to 30% by 2002 and to shift the overall tax burden to indirect taxes, i.e. excise tax and VAT, Deputy Prime Minister Sergej Kozlik said.
The current 1% property tax proportion on the overall tax volume collected in the Slovak Republic should rise up to 10%.
According to Sergej Kozlik, the Government plans to impose the VAT rate of 23% on some of the items, e.g. energy and heat, currently at the 6% VAT rate.
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.
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