BRATISLAVA, December 17, (WEBNOVINY) — President Ivan Gasparovic has vetoed and returned to the Slovak Parliament the revision to the income tax act , suggesting that the legislators approve the norm with changes. The Ministry of Finance of the Slovak Republic had incorporated cancellation of several exemptions in income taxation, which should, according to Finance Minister Ivan Miklos, help stabilize the disrupted general government finances and improve the tax system. It was suggested that the new rules take effect as of the beginning of 2011. The revision also introduces a new tax on the sale and possession of emission quotas (AAU).
Gasparovic however demands that the tax on AAUs be omitted from this norm. The taxation of emission limits is a new tax and its legal regulation in the income tax law revision is new, as well. “In my opinion, introduction of this tax requires a thorough justification,” states the press release. The amending proposal submitted by governing coalition MPs Jozef Kollar, Anton Marcincin, Ondrej Matej and Ivan Svejna that aimed to introduce the taxation of emission quotas, lacks such explanation, argues the president, who suggested that the revision come into force effective as of March 1, 2011 after legislators greenlight it again.
SITA