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State aid exceeded Sk10 billion in 2005

THE TOTAL volume of state aid that the Slovak government provided to companies and regions last year was Sk10.3 billion (€275.4 million), 12 percent higher than in 2004.

Sector aid came to Sk5.3 billion (51.9 percent of the total), followed by regional aid (Sk3.9 billion).

According to a Finance Ministry report, within sector aid the most money went to US Steel Košice in the form of a tax credit.

In 2005 US Steel Košice made use of a Sk3.7 billion corporate tax break for the 2004 taxation period.

The state aid to the steel maker thus made up 35.6 percent of the total volume of state aid provided by Slovakia, the Pravda daily wrote.

Another Sk1.6 billion in the form of a corporate tax credit was provided to Bratislava-based carmaker Volkswagen Slovakia.

Compiled by Martina Jurinová from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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