Category Taxation in Slovakia

Slovakia Sees Success in Fight on Tax Evasion

June 25, 2014 Taxation in Slovakia

slovakia taxBRATISLAVA – Slovakia’s push to eliminate tax evasion is paying dividends, as tax revenues undergo a marked rise this year.

On June 24th the Ministry of Finance of Slovakia issued a new statement claiming that a recent push by the government to prevent tax evasion has yielded positive results, bringing in EUR 290 million more in tax revenues, and potentially helping the country meet its own target for lowering the national deficit.

According to the newly issued statement, over the course of this year the government will collect EUR 290 million more in taxes than was forecasted in February 2014, with the increase in collections estimated to be equivalent in size to 0.4 percent of the national GDP this year.

The positive effect of the clamp down on tax evasion will also have an ongoing imp...

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Slovakia Boosts Revenues and GDP

September 27, 2013 Taxation In EuropeTaxation in Slovakia

Tax revenues in SlovakiaBRATISLAVA – Slovakia will see an additional EUR 132 million in tax revenues this year, with a significant portion of the new-found windfall coming from a crack down on tax evasion.

In a statement issued on September 26th the Ministry of Finance of Slovakia confirmed that tax revenues for the year are likely to exceed previous expectation due to the combined effects of higher-than-expected economic growth, and due to the government’s efforts to clamp down on the occurrence of tax evasion.

Tax revenues for the current year are now expected to exceed budgetary forecasts by EUR 132 million, or equivalent to nearly 0.2 percent of the national GDP.

The increase has been partially attributed to a pickup in the economy of Slovakia, which was foretasted in June to grow by 0...

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Slovakia to Impose New Bank Tax

October 21, 2011 Taxation in Slovakia

Slovakian FlagsBRATISLAVA – Slovakian banks will soon be charged a new tax based on the size of their outstanding liabilities.

On October 20th Slovakian lawmakers approved a new tax measure to be imposed on banks, in the hopes of lowering the national budget deficit and shoring funds for future financial sector bailouts.
The new tax will be levied at 0.4 percent of the banks’ outstanding liabilities, excluding any insured deposits, core capital and savings deposits. Commenting on the approval of the bank tax the spokesperson for the Finance Ministry of Slovakia Martin Jaros said that the tax is expected to raise the government’s tax revenues by approximately EUR 80 million per annum.

Martin Jaros explained that the tax was proposed as a response to the progressively deteriorating financial situa...

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Slovak Republic’s Economic Prospects Reviewed

November 29, 2010 Taxation in Slovakia

Slovakian FlagsThe Organization for Economic Cooperation and Development has evaluated the economic performance of the Slovak Republic, saying that country has the potential to see strong growth in the near future if a series of tax changes and economic reforms are instated to ensure a sustainable rate of development.

Late last week the Organization for Economic Cooperation and Development (OECD) released Economic Survey of the Slovak Republic 2010, an annual report on the economic conditions, projections and challenges facing the country. According to the report, the Slovak Republic’s economy is now recovering well and the real GDP growth figure will reach 3.5 percent in 2011, and 4.4 percent in 2012...

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