Slovakia to Reduce the Corporate Tax

Written by: Bridgewest

Slovakia-to-reduce-the-corporate-taxSlovakia has recently confirmed the cut of the corporate tax starting with 2017. The rebate is part of a new economic program meant to reduce the general governmental deficit by 2018. The Government has also announced that further cuts to the taxation of companies in Slovakia will be considered at a later date. Our company formation agents in Slovakia can provide you with information about the country’s current taxation system.

Slovak corporate tax to be reduced by 1%

One of the main topics on the Government’s agenda at the end of last year and the beginning of 2016 was reducing the tax burden in order to attract foreign investors to Slovakia. The recently agreed economic agenda for 2016-2018 contains the rebate of the corporate tax from 22% to 21%. The new rate would be effective starting with January 1st, 2017. Other tax cuts targeting Slovak companies will also be considered along with the reduction of administrative procedures for businesses. These measures are meant to help companies grow and reduce unemployment rates in Slovakia.

The Government’s economic program by 2018

At the end of 2015, the Government has prepared two documents, the National Reform Program and the Stability Program, both created with the purpose of reducing the general deficit. While the National Reform Program was designed to cover the government’s economic agenda by 2020, the Stability Program is a continuance of a reform meant to help Slovakia on shorter periods of time while addressing EU demands.

The Government wants to focus on the research and development industry by introducing new grants to companies in these areas. Slovak companies in the private sector are the main focus, according to the officials. Also, over the following 4 years, the Government wants to enable companies to create 100,000 new jobs. New measures will also be set in place for the judicial system, as the Civil Procedure Code will undergo a serious revision. This last measure is meant to help companies benefit for more transparency in their relation with the municipalities and with other state-owned companies.

If you are interested in opening a company in Slovakia and need assistance or information, do not hesitate to contact our company registration consultants.

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