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New investment incentives rules pass first vote

New rules on providing investment incentives, passed after their first reading in parliament on February 11, should increase opportunities to apply for investment stimuli for a wider range of businesses, the Economy Ministry said.

New rules on providing investment incentives, passed after their first reading in parliament on February 11, should increase opportunities to apply for investment stimuli for a wider range of businesses, the Economy Ministry said.

According to the ministry, the probability of obtaining investment aid will, as a result boosting the creation of new jobs, the SITA newswire reported. MPs are dealing with the draft in shortened legislative proceedings. They will take a final vote on Thursday, February 12. If passed, the new rules will be effective from April 1 until the end of 2010.

The amendment would lower the minimum volume of investment in purchases of long-term tangible and intangible assets for projects in industrial production by half from the current levels which attract government incentives. Similarly, in tourism, the minimum volume of investment for the purchase of long-term tangible and intangible assets would fall to €9.96 million and €4.98 million respectively. Also, the proportion of new production and technology equipment used for production purposes would be reduced to a minimum of 40 percent of the total volume of purchased long-term tangible and intangible assets in industrial production, and a minimum of twenty percent in tourism. According to the ministry, the amendment will require additional funding from public resources of €36.513 million this year. SITA

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

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