IN SHORT

World Bank suggests lower payroll tax

THE WORLD Bank, which presented its recent quarterly report on the economic development in the EU8 (the Baltic countries, Hungary, the Czech Republic, Slovakia, Poland and Slovenia) advised that Slovakia decrease its payroll taxes for low income groups, the Pravda daily reported.

According to the World Bank's Anton Marcinčin, a decrease could result in employment growth and ensure pension system sustainability and efficiency.

Marcinčin thinks the current payroll taxes make those on low incomes too expensive for employers.

According to the report, economic growth in the EU8 remained high in the third quarter of 2005 despite a slower rate of growth in the rest of the EU.

In Slovakia and the Baltic states this growth is driven mainly by domestic demand, while in Poland, the Czech Republic and Hungary exports continue to be the main force.

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