BUSINESS IN SHORT

Ministry reports on crisis actions

THE FINANCE Ministry expects to reassess the public finance deficit in coming years, accelerate the drawing of EU funds, and implement huge investment projects including public-private partnership projects which might increase growth in the Slovak economy by 1.3 percent in 2009, the SITA newswire wrote, based on a report issued by the Finance Ministry on the impacts the financial and economic crisis. According to the ministry, the projected public expenditure of about €1.74 billion this year should contribute about €872 million to GDP formation. However, the inescapable basis for this scenario to become reality is successfully drawing down EU funds at the budgeted levels and starting highway construction via PPP projects at the planned scope, the report reads.

THE FINANCE Ministry expects to reassess the public finance deficit in coming years, accelerate the drawing of EU funds, and implement huge investment projects including public-private partnership projects which might increase growth in the Slovak economy by 1.3 percent in 2009, the SITA newswire wrote, based on a report issued by the Finance Ministry on the impacts the financial and economic crisis. According to the ministry, the projected public expenditure of about €1.74 billion this year should contribute about €872 million to GDP formation. However, the inescapable basis for this scenario to become reality is successfully drawing down EU funds at the budgeted levels and starting highway construction via PPP projects at the planned scope, the report reads.

Other measures that the government has adopted to alleviate impacts of the crisis include a higher non-taxable portion of the income-tax base, an increase in the so-called employee bonus, a shortened period to refund excess VAT paid by businesses, and adjusted conditions for write-offs that are primarily aimed at the business environment or follow the goal of easing the tax burden. Their influence on the level of demand is, from the short-term view, thus far zero, SITA wrote.

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