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Severance Pay for Business Purposes

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Whenever a company makes severance pay for business purposes which according to Article 109 of the Employment Relationship Act (ZDR) exceeds 10 average salaries of the Republic of Slovenia, it is obliged to pay social security contributions. On the other hand, income tax is paid for on the difference between the amount and the amount 10 times higher than the average salary of the Republic of Slovenia. See explanatory notes by DURS No. 4219-9/2006, 24 April 2006.

 

Example:

The company issues severance pay for business purposes in the amount of 17,688.00 EUR . In October 2019 the average salary of the Republic of Slovenia is 1.725,91 EUR . That makes the untaxed amount of 17.259,10 EUR  (10× 1.725,91 EUR). Because severance pay exceeds the amount which equals 10 times the average salary of the Republic of Slovenia, contributions calculation base is 17,688.00 EUR. On the other hand, the personal income tax is calculated of the difference. That is, 428,90 EUR (17.688,00 EUR - 17.259,10 EUR). Income tax base includes general relief and employer contributions in the amount of 428,90 EUR. Thus the income tax base equals 58,88 EUR (428,90 EUR - (428,90 EUR * 0,221 contributions) - 275,23 EUR general relief).

 

Below you can see an example of use:

 

It is different from earnings type ODP in the following points:

  • corresponding work type: predefined RE
  • The formula for income tax relief calculation:                                                                                                                             (#PRZnesek#-(#PRZnesek#-#Fa1#*10))-(#PRZnesek#*0,221-((#PRZnesek#-#Fa1#*10)*0,221))

Example of report:

Pay slip:

 

Collective form REK-1:

  

 

 

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