Which entrepreneurs pay the most corporate income taxes in Slovakia? Not surprisingly, mainly large and well-known companies with significant impact on the economy are among the top tax payers.
The ranking of the largest payers of corporate income tax in Slovakia in 2015 was released by FinStat, a website that analyses the data of companies operating in Slovakia. While the top places belong to companies focusing on energy and mining industries, finance, transport and logistics, tax experts point out that state-regulated companies and the vital automotive industry also account for a considerable amount.
“IT company Eset, a Slovak startup which operates worldwide with headquarters also in Slovakia, achieved a special place,” Silvia Hallová, tax partner at IB Grant Thornton Consulting, told The Slovak Spectator.
FinStat compiles the ranking of payable taxes on the basis of the data which companies have sent to the Register of Financial Statements. Analysts based the 2015 calculations on the data of more than 180,000 financial statements, or about 90 percent of companies, the Denník N daily reported.
Strong domination of Eustream
The largest payer of income tax is still the natural gas transport company Eustream with more than €151 million in taxes paid to the state in 2015. While a 51 percent stake in the company falls under state ownership, Czech company Energetický a Průmyslový Holding (EPH) owns the remaining 49 percent of shares and controls the company via subsidiary Slovak Gas Holding (SGH).
The gas giant paid more than Slovenská Sporiteľňa bank (more than €66 million), automotive companies Kia Motors Slovakia (about €63 million) and Volkswagen Slovakia (about €52 million) and Všeobecná Úverová Banka (more than €45 million).
Other companies in the ranking include tyre producer Continental Matador Rubber, oil refinery Slovnaft, gas distribution company SPP Distribúcia, power producer Slovenské Elektrárne, Tatra Banka bank, insurer Allianz – Slovenská Poisťovňa and IT and telecom companies Slovak Telekom, Samsung and Eset, said FinStat analyst Jaroslava Šepeľová.
Meanwhile, the state-owned Financial Administration (FS) collects its own tax collection data. However, instead of specific information about the largest taxpayers, the office provided The Slovak Spectator with only the ranking of industries, classified by statistical SK-NACE codes, and aggregate numbers.
In 2015, the most taxes came to the state budget from the automotive sector, pipeline gas transport, other financial intermediaries, as well as wireless telecommunications, production and maintenance of tyres and other financial services. The ranking was similar in 2014, but it included the sectors of non-life insurance and electricity transmission, FS spokeswoman Patrícia Macíková said.
Tax collection increases
Based on the FinStat methodology, payable taxes grew by more than 30 percent between 2013 and 2014, and by 11.7 percent between 2014 and 2015, according to Šepeľová. While in 2014, the state budget collected €2.41 billion in payable taxes, in 2015, total tax revenue jumped to €2.69 billion.
24. Oct 2016 at 6:30 | Peter Adamovsky