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Bank tax raises over €22m in Q1

BANKS have started paying a recently introduced special tax on their assets in Slovakia. In total they paid over €22.4 million into the state’s coffers during the first quarter of 2012, according to a report in the Hospodárske Noviny financial daily in late January.

BANKS have started paying a recently introduced special tax on their assets in Slovakia. In total they paid over €22.4 million into the state’s coffers during the first quarter of 2012, according to a report in the Hospodárske Noviny financial daily in late January.

“Our revenue forecast was fulfilled,” said Finance Ministry spokesperson Martin Jaroš, as quoted by the daily. He added that based on a preliminary analysis bank assets have not been moved abroad to any significant extent. This means that the state’s projection of annual income of €80 million from the special levy could be fulfilled.

Finance Minister Ivan Mikloš pushed though the special tax, levied at a rate of 0.4 percent on certain assets held by banks, in the autumn of 2011 and it became effective at the beginning of this year.

The opposition Smer party had proposed a higher tax rate of 0.7 percent.

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