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President signed new rules on investment stimuli

Companies applying for investment assistance will have to get ready for new conditions set by an amendment to the Investment Assistance Act that was signed by President Ivan Gašparovič on Thursday, March 28.

Companies applying for investment assistance will have to get ready for new conditions set by an amendment to the Investment Assistance Act that was signed by President Ivan Gašparovič on Thursday, March 28.

Investors will have to guarantee the creation of a number of new jobs that equates to at least 10 percent of the average staff level over the past 12 months. The number of new employees cannot be lower than 40 at any given time, the TASR newswire wrote. If a company applies for stimuli in order to expand production, it must guarantee a production increase of at least 15 percent in value or volume compared to its average over the past three years.

The newly created jobs will have to be preserved for at least five years, the SITA newswire informed about the act. It should become effective as of May 1, 2013.

(Source: TASR, SITA)
Compiled by Zuzana Vilikovská from press reports
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