Spectator on facebook

Spectator on facebook

Finance Ministry wants to tax digital companies

It also wants to introduce a new tax on insurance policies and tax cryptocurrencies.

Illustrative stock photo(Source: TASR/AP)

The Slovak Finance Ministry plans this year to tax internet giants, bitcoin and other cryptocurrencies as well as impose a new insurance premium tax that will be a more advanced measure.

The Finance Ministry plans to submit a definitive bill on the insurance premium tax, which will replace the current special insurance levy of 8 percent, to the cabinet as soon as April. Parliament might approve the bill by the summer, informed Finance Minister Peter Kažimír during a discussion programme on the TA3 news channel on February 11. The ministry proposes a rate from 2 to 18 percent depending on the type of the policy while the new legislation should become effective as of October 2018. The final wording of the bill is open to discussion with the insurance sector.

“The insurance premium tax is a civilised tool that has been implemented in most European countries,” he said. “Revenues from this tax are part of the plan leading to a balanced budget in Slovakia.”

Kažimír does not expect the new tax to increase prices of insurance policies.

“If we look at insurance companies’ profitability, we can still claim the new tax does not have to increase the price of their policies,” said Kažimír, adding that insurance companies already pay the 8-percent special levy on non-life insurance products while the new tax will also apply to life insurance products.

Jozefína Žáková, general director of the Slovak Insurance Association (SLASPO), pointed out the low insurance penetration in Slovakia. It is one of the lowest in Europe.

Read more: What changes will be applied on IT giants, cryptocurrencies and shared economy platforms? What changes have been proposed for tourism?

The rest of this article is premium content at Spectator.sk
Subscribe now for full access

I already have subscription - Sign in

Subscription provides you with:
  • Immediate access to all locked articles (premium content) on Spectator.sk
  • Special weekly news summary + an audio recording with a weekly news summary to listen to at your convenience (received on a weekly basis directly to your e-mail)
  • PDF version of the latest issue of our newspaper, The Slovak Spectator, emailed directly to you
  • Access to all premium content on Sme.sk and Korzar.sk

The processing of personal data is subject to our Privacy Policy and the Cookie Policy. Before submitting your e-mail address, please make sure to acquaint yourself with these documents.

Topic: Finances and Advisory


Top stories

Yuri Dojc: I did not want to live under occupation

Slovakia is not even close to what I remember from my life here, says the Canadian-Slovak photographer.

Yuri Dojc today: "A reflection of an older man in the mirror with glimpse of an attractive woman , who is my wife"

We will not allow Ján and Martina to be forgotten

Statement from Slovak journalists half a year after the murder of Ján Kuciak and Martina Kušnírová

Illustrative stock photo

Our emigrants’ stories: lessons in humanity

Slovaks who fled the 1968 occupation tell us what it means to be a refugee.

Pictures from The Gift pantomime show. Milan Sladek wrote it in the Swedish Goteborg in 1969 as a metaphor of Czechoslovakia's cohabitation with the Soviet Union.

We were on the run, but we were welcomed Photo

Slovak-Swiss writer Irena Brežná was forced to emigrate but found a way to fill her life with meaning in a foreign land.

Irena Brežná arrives to Switzerland.