Reducing tax rate to 15%

Perhaps the most positive change for small entrepreneurs is to reduce the income tax rate to 15%. The change applies to legal entities with a turnover of up to EUR 100,000 and to sole traders with the same turnover limit. The change will come into effect next year. In the case of payment of income tax advances, the rate of 21% applies, as it is not known in advance whether the company resp. sole trader reaches a turnover of 100 000 Euros.

In addition to reducing the tax rate, the limit on the payment of income tax advances also changes. After the new advance payments will only be made if the last tax liability exceeds EUR 5,000. Until 2020, this limit was at EUR 2,500. If the entrepreneur is obliged to pay advances, quarterly advances apply. If his last known tax liability exceeds EUR 16 600, he will have to pay monthly advances.

Taxes in 2020 in Slovakia

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