[Slovakia] Tax bonus for a child from 1st of January 2025

From January 1 2025, new rules regarding the tax bonus for a child will enter into force, which will bring significant changes compared to 2024. The aim of this legislative amendment is to make the system of financial allowances fairer, while considering the growing income of households.

When calculating it, two factors must be taken into account:

• The age of the child (child must be of the age of maximum 18 years)
• The amount of the employee’s tax base, which is reduced by the relevant percentage according to Table 1 below – the amount of the tax base affects whether the employee gets 100% of the amount of the tax bonus or whether this amount will be reduced.

From 2025, the child tax bonus will bef as follows:

• 100 euros per month for parents of children up to 14.99 years old (40 euros less than in 2024)
• 50 euros per month for parents of children aged 15-17.99 (90 euros less than in 2024)
• 0 euros per month for parents of children aged 18-24.99 (50 euros less than in 2024)

Table 1: Limit to the Tax base

The tax bonus is intended to support families with children and its goal is to reduce the tax burden for working parents. The change in legislation will mean that the higher the income, the lower the tax bonus. This means that for working parents with lower and middle incomes, the bonus represents a significant saving in the family budget (parents will be less or no tax). However, if the income exceeds the threshold of 2 477 euros, the amount of the tax bonus will begin to decrease until it disappears completely. So if the monthly gross salary is higher than 2 477 euros, the child tax bonus will be reduced. If the employee makes 3 630 euros, there will be tax bonus.