THE YEAR IN BUSINESS

Corporate taxes to change, again

SLOWER than expected economic revival as Slovakia remains dependent on external trading partners was the prevailing economic trend for the year. Thus, even though Slovakia’s economy managed to grow, estimated at 0.9 percent for 2013, the rate was too low to make a significant impact on job creation. The unemployment rate remains among the highest in the EU. While 2012, the year in which Prime Minister Robert Fico’s government took power, was rich in tax and labour legislation changes, 2013 also brought change. The government introduced tax licenses to be paid even by loss-making firms. This is to be accompanied by a 1 percent point drop in corporate tax rates and extension of collective bargaining rights. Measures to combat tax evasion began to bear fruits in the form of higher collection during the final months of 2013.

SLOWER than expected economic revival as Slovakia remains dependent on external trading partners was the prevailing economic trend for the year. Thus, even though Slovakia’s economy managed to grow, estimated at 0.9 percent for 2013, the rate was too low to make a significant impact on job creation. The unemployment rate remains among the highest in the EU. While 2012, the year in which Prime Minister Robert Fico’s government took power, was rich in tax and labour legislation changes, 2013 also brought change. The government introduced tax licenses to be paid even by loss-making firms. This is to be accompanied by a 1 percent point drop in corporate tax rates and extension of collective bargaining rights. Measures to combat tax evasion began to bear fruits in the form of higher collection during the final months of 2013.

Here we look back on the most significant economic and business news events of the year as they happened.

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