Business News

FinMin Suggest Top Earners Could Face Higher Taxes

Maribor, 24 December (STA) - Finance Minister Franc Krizanic has said that the government would probably raise taxes for the richest, but it is too soon to say what exactly it would do.

The government will probably take up the proposal of Marjan Senjur, the head of the Fiscal Council, an advisory body, Krizanic told Friday's edition of daily Vecer.

Senjur recently proposed a new top-income tax bracket for those earning above EUR 70,000-100,000, with a rate of between 45% and 50% (currently the highest bracket is taxed at 41%).

Moreover, Senjur proposed a special capital gains tax on all dividend earnings above EUR 500-1,000.

Krizanic said the tax reform undertaken by the previous government in 2006 had permanently reduced revenue to a level which also requires expenditure cuts.

"We'll see in mid-2011 whether we've achieved enough with savings measures. If not, we will have to carry out a comprehensive tax return revenue to a normal level," he said.

Reform would also involve corporate income tax, real estate tax, property tax and inheritance tax, Krizanic said.

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