Tax & Spend
Slovakia Approves €2.7 Billion Plan to Tackle Budget Deficit
- Tax increases to cover major part of fiscal consolidation plan
- Opposition warns of impacts on growth and competitiveness
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Slovakia’s parliament passed a €2.7 billion ($3 billion) consolidation package to reduce one of the highest budget deficits in the European Union, brushing aside criticism from the opposition that the plan may hurt economic growth.
Lawmakers in Bratislava approved on Thursday measures including an increase in the corporate and value-added tax rates, along with the introduction of a new levy on bank transactions.