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Bonuses not among tax deductibles

Ljubljana, 5 December - The draft of the new Law on Earnings, that the Slovenian Government authorized on its today's session, does not include tax tables, what it does bring however is the inclusion of business bonuses and financial stimulations, that have been reimbursed by the enterprises with no regard to the Governmental measures or collective contracts, into the realm of the taxable income. As was stated on the press conference following the Government's session the taxable income will include lodging expenses, educational expenses, loan disparities due to stimulating financing, gifts as well as the expenses stemming from private use of official transport vehicles. Mr. Ivan Rojc stressed that all the aforementioned profits "deform the image of real earnings" and should thus be included among the taxables. The second novelty is the inclusion of copy right profits, that were up till now included in a much lower tax class, among the ordinary taxables. Starting January 1st tax deductibles should be applicable to earnings below the average. The Government suggests that taxation of bond and valuables trading should be postponed till January 1994. The tax forms will have to be submitted till the end of March, and not July as was usual till now. The earnings of college and university students will also be included among the taxables but only if they are a result of work not connected with Government concessions. The Minister of Finance Dr. Dušan Šešok elucidated the changes in the Law on Profits. The business owners that opened new jobs are entitled to deduct 23% from their total earnings, and not only 15% as was the case until recently. The Deputy Minister of Justice Mr. Jože Tratnik introduced the new Law on Bankruptcy, that advocates the Austrian, German, American and other developments in this area. In the years 1983 - 1989 there were all in all 62 bankruptcy claims, the number being 134 in 1990, raising to 234 in the first half of this year. The basic principle of the bankruptcy claim should be to enable the creditors to menage all the assets of the debtors in order to pay their debt.

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