Archive of articles - November 2014, page 6
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Concert to open Slovak-Italian festival
THE DEMONSTRATION of Italian culture, concerts and various educational and economic forums will be part of the second year of the Days of Italian-Slovak Friendship event which starts in Slovakia on November 24.
Slovaks are active online shoppers
SLOVAKS make online purchases most often during the first half of the week, buying mostly clothes and footwear in e-shops, according to a survey TNS Aisa conducted for Erste Group.
Transfer Pricing: A Developing Area in Slovak Tax Law
Transfer pricing can be identified as an area of tax law that continues to attract the attention of both tax authorities and businesses worldwide. The growing importance of transfer pricing can be observed in the Slovak Republic as well, as it has become one of the dominant tax issues addressed during tax audits. Failure to comply with the arm’s length principle may result in additional tax assessment by the Tax Authority and a penalty may be imposed if taxpayers fail to submit transfer pricing documentation. Recently, transfer pricing has been addressed from different perspectives by the legislator and the Tax Authority. Most significantly, we would like to stress a recent legislative proposal to broaden the personal scope of transfer pricing legislation, new rules on transfer pricing documentation and new guidance regarding advance pricing arrangements.
Supporting investments in Slovakia
Investment aid is regional support aimed at encouraging investments and creating new jobs in Slovakia. Individuals and legal entities that are authorised to do business in Slovakia, and whose investment activities and projects meet the conditions of the Act on Investment Aid (Act 561/2007 Coll. on Investment Aid) are eligible for investment aid. This act is currently being amended and new rules will come into force in December 2014.
Investment environment more challenging
A stable and predictable legal framework and an even playing field for all the players along with more transparency in public spending top the wish-list of business leaders in Slovakia. But the country’s strategic location, talent pool and eurozone membership are what keeps investors coming. The Slovak Spectator spoke to Pavol Varga, general manager at Dell Austria & Slovakia; Oszkár Világi, CEO of Slovnaft; Eek-Hee Lee, CEO of Kia Motors Slovakia; and Michele Bologna, Slovenské Elektrárne’s director of external relations, about challenges they face in their sectors as well as the business environment’s overall quality.
SDKÚ loses more members
THE PARTY that dominated the Slovak political scene for a decade after 1998 has lost practically all its emblematic faces, has no deputy chairpersons, no parliamentary caucus, and its prospects continue to dim.
Slovak hotel awarded by European Historic Hotels
THERE IS an association that connects the hotels resi-ding in historical buildings, called Historic Hotels of Europe (HHE). Its goal is to take care of the historical hotels so that the heritage of the past is preserved for future generations.
Slovnaft, ČEZ are interested in SE
CZECH electricity company ČEZ and the Slovak refinery Slovnaft have expressed unbinding interest in buying the majority stake the Italian energy company Enel holds in Slovenské Elektrárne (SE). The Slovak government, which holds the minority stake in SE, has not submitted any bids yet, while it agreed with the Enel management on measures that would help to complete the SE’s nuclear power station in Mochovce, the TASR wewswire wrote.
Geopolitical tensions intensify challenges
Geopolitical tensions, fuelled by the Russian invasion of Ukraine and subsequent tit-for-tat sanctions the European Union and Russia have imposed on one another, brought political, economic and security challenges for all of central and eastern Europe, including Slovakia which is heavily energy dependent on Russia.
Customers also sent to competition
PASSIVITY of shop assistants and the failure to fully tap the potential of the customer are the most common shortcoming mystery shoppers uncovered in Slovakia while sending the customer to the competition also occurs. These are some of the findings of agencies providing services of mystery shopping to companies in Slovakia, the TASR newswite wrote.
Market regains confidence
Improved economic, consumer and business confidence including a growing investor appetite have had a positive impact on the real estate market in 2014 say leading real estate professionals, suggesting that more perceptible results are expected next year. The Slovak Spectator spoke to Andrew Thompson, managing partner with Cushman & Wakefield, Miroslav Barnáš, managing director of JLL Slovakia, Ermanno Boeris, director of Colliers International, Kamil Baďo of Gleeds Slovensko and Marián Mlynárik of CBRE’s capital market department about recent trends of the market.
GREEN IS GOOD
Over the last several years, the EU and its Member States have pursued efforts to achieve efficient use of natural resources - especially non-renewable energy sources. Their goal is to protect the environment and better regulate investment and buildings’ operational costs. According to EU statistics from the past few years, the construction and building management sectors account for a significant percentage of total energy consumption. It should therefore come as no surprise that one of the EU’s primary goals is to improve energy efficiency in these sectors.
How to sell an idea
Before CulCharge, no start-up in Slovakia had ever tried to use crowd funding. The small simple device which can transfer data and charge smartphones or mobile devices from almost any device with a USB input arrived on the market in 2014 after raising nearly $95,000.
Ice Bucket Challenge for entrepreneurs and analysts
Despite a strong start to the year for the European and CEE economies, they now seem to be buckling under the weight exerted by intensified geopolitical tensions on business and investors’ confidence this autumn of 2014. A worsening of the forward-looking indicators is gradually feeding into the real economy figures, ranging from new industrial orders to new car registrations. Outlook for the next year thus appears much more blurred than could have been expected on New Year’s Eve. As recently as a few weeks ago, the German government slashed its official growth forecast for 2015 almost in half, down to barely over 1 percent. The past summer indeed turned out to be an Ice Bucket Challenge for investors and analysts alike.
Rule of law needs improvement
Twenty-five years after the fall of the communist regime, the state of courts and law enforcement still needs major reform to improve the quality of democracy as well as the business environment. “Together with corruption, [the rule of law] is usually rated among the worst indicators for doing business in Slovakia,” Markus Halt, spokesman for the German-Slovak Chamber of Commerce (SNOPK), told The Slovak Spectator, referring to regular surveys among German investors. “The concerns are mainly connected with poor law enforcement.”
Development of retail space focuses on regions
TWENTY-FIVE years ago, people protesting at squares throughout what was then Czechoslovakia hoped not only for more rights and freedoms, but also for fuller shelves in shops and shorter queues in front of them. The latter has been mostly fulfilled. as a number of foreign retail chains have opened hundreds of outlets in Slovakia, almost tripling the size of retail space. Yet while the retail market has become saturated, more is coming.
Who’s getting the bill?
When a group eats in a restaurant, goes to the theatre or takes a taxi often gives rise to questions of who is paying for what and whether everyone has enough cash. The start-up Viamo has an answer, offering the possibility to send small amounts of money from mobile phone to mobile phone.
Shoppers lose out
SEVERAL practices unfair to shoppers have been registered in Slovakia.
Shared services centres set up shop
Slovakia with its educated labour force and geographic position in central Europe is still attractive for shared services centres (SSCs), which improve employment rate statistics in the country. However, the country’s labour legislation and education systems does not reflect current trends and thus harm competitiveness in comparison with elsewhere among central and eastern European countries, according to investors.
Dual education makes a comeback
After years of neglecting the vocational training of students, Slovakia is gradually returning to a so-called dual education scheme. While several companies across the country have launched programmes to train workers lacking in the market, the Education Ministry is taking steps to launch the nation-wide project at vocational schools as soon as September 2015.
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- Convicted of multiple murders, Slovakia’s mafia boss seeks release from prison
- UK appoints Bilal Zahid as new ambassador to Slovakia
- News digest: Prosecutor seeks jail for NBS Governor Kažimír as his political support wanes
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- No more photos or bank statements? Slovakia moves to ease residence process
- Slovakia loses another EV model to Spain as Stellantis chooses Zaragoza over Trnava
- News digest: Prosecutor seeks jail for NBS Governor Kažimír as his political support wanes
- Convicted of multiple murders, Slovakia’s mafia boss seeks release from prison
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- News digest: Fico’s bloc wants to save money by restricting electoral access
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- The Kremlin’s security agency has a Russian contractor in Slovakia - no one has noticed
- The disinformation scene has become a tool of media capture
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- No more photos or bank statements? Slovakia moves to ease residence process
- A mayor resigns over €2.7 million fraud scandal at town hall
- He designed Gatwick. But this is his masterpiece
- Fico praises China and Vietnam as models, says liberal democracy has failed
- News digest: Violent gang in Bratislava is under arrest
- The Kremlin’s security agency has a Russian contractor in Slovakia - no one has noticed
- The compass points to Kúty, and people are starting to follow
- News digest: Prosecutor seeks jail for NBS Governor Kažimír as his political support wanes
- Slovakia loses another EV model to Spain as Stellantis chooses Zaragoza over Trnava
- Slovak female triathlete shatters barriers with historic win at Himalayan event
- Weekend: Celebration of fun comes to Malacky Photo
- News digest: Fico’s bloc wants to save money by restricting electoral access
- Slovakia plans to restrict access to new medicines amid funding shortfall
- No more photos or bank statements? Slovakia moves to ease residence process
- Top 10 events in Bratislava for foreigners More articles ›
