The amended Income Tax Act approved by the MPs in the Slovak Parliament will increase, specifically double, the tax bonus for children up to the age of 6 as of April 2019.
The tax bonus represents a tax benefit provided to taxpayers with dependent children living with the taxpayer in the same household in the form of an income tax reduction or a reduction in the tax withholdings that the taxpayer would otherwise have to pay. The actual tax due is reduced by the amount of this tax bonus.
The tax bonus is currently set to €21.56 per month for every dependent child living with the taxpayer in the same household. The tax bonus per dependent child increased to €22.17 per month as of 1 January 2019. The tax bonus is set to increase to €44.34 per month for the parents of preschool children, i.e. those up to the age of 6, as of April 2019.
