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NBS comments that it supports the idea of unified taxes in the eurozone

After publication of the Index of Global Competitiveness made by the World Economic Forum, in which Slovakia fell to 69th place among 142 evaluated countries, the governor of the National Bank of Slovakia (NBS), Jozef Makúch, called upon the government to pass a law to increase the competitiveness of Slovakia, the TASR newswire reported.

After publication of the Index of Global Competitiveness made by the World Economic Forum, in which Slovakia fell to 69th place among 142 evaluated countries, the governor of the National Bank of Slovakia (NBS), Jozef Makúch, called upon the government to pass a law to increase the competitiveness of Slovakia, the TASR newswire reported.

During a government session on August 7 he also advised the government to stay in the eurozone even if the European Union attempts to unify the taxes of its members, the Sme daily reported.

“In this area we can expect the strengthening of the economic management of the eurozone and the harmonisation of policies of the EU member states, including direct taxes,” said the NBS, as quoted by Sme.

Others commented that harmonisation of taxes can be disadvantageous for Slovakia.

“Our competitive advantage includes a lucrative location in central Europe, a cheap labour force and an easy tax system,” said an analyst for the Slovak Academy of Sciences (SAV), Vladimír Baláž. But he admitted that the unification of tax systems in the eurozone is necessary for the future.

NBS also advised the government to consolidate public finances through a law on budget liability which would include a limit on state expenditures or a limit on state debt, or to pass the tax and payroll tax reform which can increase the effectiveness of tax collection.

Source: Sme, TASR

Compiled by Radka Minarechová from press reports
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