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Government approves second anti-crisis package

In its meeting on February 9 the government approved a second package of measures intended to deal with the effects of the global financial and economic crisis, the TASR newswire wrote. The measures will be sent to parliament for vote via a fast-track procedure during this week’s session.

In its meeting on February 9 the government approved a second package of measures intended to deal with the effects of the global financial and economic crisis, the TASR newswire wrote. The measures will be sent to parliament for vote via a fast-track procedure during this week’s session.

According to the Ministries of Finance and Economy which submitted the proposals, the Slovak economy faces a rapid drop in growth due to external factors that will have a negative influence on employment and industrial performance.

“The measures are primarily designed to support aggregate demand and are supplemented by other measures to improve the business environment. They are directed at creating a suitable environment for renewed dynamic growth in the Slovak economy when the global economy begins to revive,” reads the document submitted by Finance Minister Jan Pociatek and Economy Minister Ľubomír Jahnátek.

One of the measures approved on Monday is an increase in the tax-deductible minimum from the current level of 19.2 times the subsistence level to 22.5 times, raising it from €3,435 to €4,027 per year. This measure is expected to reduce state-budget revenues by almost €150 million. Bonuses for people with incomes equal to or slightly above the minimum wage will also be increased.

The Government has also agreed to: shorten the period for returning excess VAT payments from 60 days to 30; to increase the assets of the Slovak Export-Import Bank (Eximbanka) and the Slovak Guarantee and Development Bank (SZRB); and to make various changes in accounting and tax policy that are supposed to simplify conditions for doing business. In addition, an amendment to the law on investment assistance prepared by the Economy Ministry will enable the government to provide financial assistance to more entrepreneurs. TASR

Compiled by Zuzana Vilikovská from press reports
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