The Slovenia Times

Changes to Banking, Income Tax Acts Vetoed

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The National Council said it vetoed the abolishment of the automatic adjustment of income tax brackets because it in the long run leads to the abolishment of progressive taxation of personal income, which will put an excessive burden on the most vulnerable taxpayers.

The National Assembly will to have to take a re-vote on the motion, which is expected to be applied for personal income in 2013. To be confirmed, it will have to get an absolute majority or 46 of MP votes.

The same holds true for changes to the banking act, which the MPs confirmed at the end of October to enshrine bail-in rules under which holders of junior and hybrid debt instruments may be forced to share the burden of financing bank restructuring to reduce the cost to taxpayers.

The National Council said that making the holders of junior debt instruments share the burden would hurt numerous Slovenian citizens who are saving money for their future in various funds that hold such bonds.

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