The latest amendment to the Income Tax Act, No. 595/2003 Coll., adopted by the National Council of the Slovak Republic on September 18, 2019, introduces many long-awaited changes that will positively impact the Slovak business environment and benefit tradesmen and small businesses.

The most significant change is a reduction of the income tax rate to 15% for legal entities and sole traders whose annual income will not exceed EUR 100,000. The reduced rate will be applicable in the tax period from January 1, 2020.