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IN SHORT BUSINESS

Taxes in Slovakia attractive to investors

A NEW analysis by leading financial and auditing firm Ernst & Young showed that Slovakia's taxes for companies are among the lowest in the V4 states, which also include the Czech Republic, Poland, and Hungary.

The current rate of the effective tax burden in Slovakia is expected to fall to 16.8 percent from 22.1 percent last year, thanks to the tax reform that took effect from January 1, the Slovak economic daily Hospodárske noviny wrote on January 4.

Many post-communist countries are working on similar reforms to make their states attractive in the eyes of investors.

In Hungary, the tax burden is expected to fall to 14 percent within the coming years.

The Czech Republic has cut the tax on company profits from 31 to 28 percent, effective as of January.

Following the decrease of the business tax from 27 to 19 percent this year, Poland is expected to collect about 17 percent in taxes from firms.

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