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BUSINESS IN SHORT

Fico signals new one-off tax levy

STRATEGIC, regulated companies doing business in Slovakia will pay a one-off levy of 4.2 percent on their profits in 2012 and 2013, Prime Minister Robert Fico told a press conference on May 29. The government expects to raise €100 million a year via the measure, which would be used for activities aimed at boosting economic growth, the TASR newswire reported.

STRATEGIC, regulated companies doing business in Slovakia will pay a one-off levy of 4.2 percent on their profits in 2012 and 2013, Prime Minister Robert Fico told a press conference on May 29. The government expects to raise €100 million a year via the measure, which would be used for activities aimed at boosting economic growth, the TASR newswire reported.

“These must be companies which do business in a regulated environment, so we are speaking about, for example, telecommunications companies, postal services and the energy sector,” Fico said, as quoted by TASR, adding that the annual earnings of targeted companies’ would have to be over €3 million and at least 51 percent of their activities would have to be in regulated markets.

The Finance Ministry said that the new levy would not result in an increase in the prices paid for services and goods by consumers.

“This levy will not be considered a cost eligible for inclusion in the regulated price, so the law will directly prohibit any increase in the regulated price,” stated the ministry, as quoted by the SITA newswire.

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