Slovakia Confirms Corporate Tax Cut
Slovakia’s newly formed coalition Government has agreed to cut corporate tax as part of a recently agreed economic program.
Under the plan, the four-member coalition led by Prime Minister Robert Fico, featuring parties on the center-right and the center-left of the political spectrum, will cut corporate tax by one percent to 21 percent in 2017. Additional corporate tax cuts may be considered at a later date. Furthermore, the program envisages reductions in administrative burdens for businesses as part of efforts to boost growth and reduce unemployment.
However, the plan also relaxes Slovakia’s budget deficit reduction efforts, with the budget not expected to come into surplus until 2020, two years later than the previous deadline.
In comments made following “marathon negotiations” between the four governing partners, Fico said: “The timetable within which the program declaration [was] adopted is an important signal to Europe that Slovakia is a politically stable country and this is particularly important in the light of the forthcoming Slovak Presidency of the Council of the EU.”
Source: Tax News
