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The most positive news of the last quarter is the Amendment to the Income Tax Act, adopted by the Slovak Parliament at the beginning of September. We are pleased to confirm that all business-friendly changes we had informed you about in our previous issue of BMB Newsfilter were approved in ordinary legislative procedure on 11 September, which is unusually early: more than 3 months before becoming applicable (1 January 2020). This means taxpayers have enough time for tax planning. In addition, an MP’s proposal to decrease the income tax rate for small entrepreneurs from 21% to 15% was approved on 19 September. The new tax rate will apply not only to companies, but also to all sole traders and self-employed persons with an annual turnover up to EUR 100 thousand.
Discover more: Slovakia: Amendment to the Income Tax Act among other changes for 2020
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