Govt to tax unreported income at 70% - assuming, I presume, that they can detect it
Sep 26th 2013, 4:17 pm
#1
Forum Regular
Thread Starter
Joined: Feb 2013
Posts: 56
Govt to tax unreported income at 70% - assuming, I presume, that they can detect it
Not sure what the Slovene for moonlighting is, but they are out to stop it, so they say ................... 
High taxes on unreported assets to cobat the grey economy
At today' session, the Government of the Republic of Slovenia approved amendments to the Tax Procedure Act. The crucial changes refer to a new tax rate on unregistered income, making the tax rate on assets of unknown origin 70 per cent when the amendments are implemented.
The amendments are being made because the Tax Administration of the Republic of Slovenia (DURS) has registered an increasing number of cases in which the estimated tax basis is not in accordance with the assets or the amount of funds spent and the income reported to the tax authority. Until now, the discovered difference was taxed according to the standard tax rates.
In addition to raising the tax rate on unreported income, the period when the tax authority can initiate tax assessment proceedings is extended from 5 to 10 years before the start of proceedings. Moreover, the limitation period has been suspended (e.g. in cases of bankruptcy, insolvency proceedings, inheritance proceedings, etc.), while some amendments refer to tax inspections.
So if you happen to be producing 100 tonnes of plumb jam a year and flogging it on Nova Gorica farmers' market, it's all over for you, baby blue
HlFL
High taxes on unreported assets to cobat the grey economy
At today' session, the Government of the Republic of Slovenia approved amendments to the Tax Procedure Act. The crucial changes refer to a new tax rate on unregistered income, making the tax rate on assets of unknown origin 70 per cent when the amendments are implemented.
The amendments are being made because the Tax Administration of the Republic of Slovenia (DURS) has registered an increasing number of cases in which the estimated tax basis is not in accordance with the assets or the amount of funds spent and the income reported to the tax authority. Until now, the discovered difference was taxed according to the standard tax rates.
In addition to raising the tax rate on unreported income, the period when the tax authority can initiate tax assessment proceedings is extended from 5 to 10 years before the start of proceedings. Moreover, the limitation period has been suspended (e.g. in cases of bankruptcy, insolvency proceedings, inheritance proceedings, etc.), while some amendments refer to tax inspections.
So if you happen to be producing 100 tonnes of plumb jam a year and flogging it on Nova Gorica farmers' market, it's all over for you, baby blue
HlFL
