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Parliament approved €2bn fiscal consolidation package

Parliament approved the €2bn fiscal consolidation package of the new ruling coalition. It will raise €357m by increasing health levies for companies and sole traders by one point. Payments to the second pension pillar will be cut from the current 5.5% of gross wages to 4% (€365m). A new bank levy, totaling 30% of gross profits, is to bring in €335m. The levy is to be gradually reduced to 15% in 2027. A special tax on Slovnaft is to continue, with next year's revenue planned at €180m. Companies will again pay a minimum tax of €340-3,840 a year depending on turnover (€102m). Companies with annual revenues over €750m will pay the so-called equalization tax; the tax with a rate of 15% is to bring in €49m. Dividend tax will go from 7% to 10% (€5m). Income tax exemptions for mutual funds and cryptocurrencies will be abolished, together with family building savings; these measures were approved by the previous parliament and have not yet come into effect. Cigarette tax will rise by €106m next year and alcohol tax by €18m. VAT on alcohol served in restaurants will rise from 10% to 20% (€38m). The September 1 public holiday will go to increase budget revenues by €130m. The public broadcaster RTVS will receive €54m less, getting only 0.12% of GDP instead of 0.17%; it will be allowed to air more ads to compensate for the shortfall. Court and administrative fees will increase.

The coalition will not use the increased revenue for fiscal consolidation, but to subsidize gas prices, increase pensions and social benefits, subsidize mortgages and create a new sports ministry.


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Táto správa je z Ekonomiky DNES, denného prehľadu najdôležitejších ekonomických správ zo Slovenska.

This news is from the Slovak Business News TODAY, one-page summary of all the important Slovak business news.

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