ECONOMIC BRIEFS

Tax holidays for foreign companies in the works

According to the state secretary at the Slovak Ministry of Economy, Jozef Brhel, the government is prepared to offer a foreign investors what may be for some a big break.

"The government is preparing tax holidays for foreign investors in an effort to attract foreign capital," he said. "It plans to forgive 70-75 percent of taxes during the first five years of operation if a foreign company invests more than 100 million Sk into a strategic Slovak industry, and if its exports grow at least 25 percent per annum." "It is not possible to advance in reforming the poor structure of the Slovak industrial sector without foreign capital," Brhel continued.

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