Economy Ministry Publishes First Package of Pro-growth Measures

Bratislava, 2 June (TASR) - The Economy Ministry has published a package of measures to support economic growth in Slovakia, which will be discussed by the Economic and Social Council (tripartite) later on Tuesday. The measures concern, for example, electricity prices, the use of the modernisation fund, reducing red-tape and increasing funding for energy-intensive companies from revenues generated by the sale of emission allowances. All the measures form part of a single bill. "The bill contains an initial set of measures aimed at reducing costs for the business sector, including a reduction in excise tax on electricity, as well as the simplification or scrapping of some bureaucratic reporting and administrative obligations of business entities," said the Economy Ministry in its commentary on the new legislation. According to the Economy Ministry, the measures should reduce energy and administrative costs for businesses, increase investment activities and support for innovation, and improve the business environment by cutting red tape. They should also make labour more available, including qualified workers from abroad, strengthen regional development, and make the use of public and EU funds more efficient. According to the document, investments should be supported, for example, by setting up a Slovak Regional Development Fund, creating an Innovation Fund for Slovak regions, and providing grant support for highly innovative projects. By the end of September, the Finance Ministry should examine options for making Slovakia's tax and levy policy more attractive, as well as options for increasing and improving the flexibility of the super-deduction for research and development. The Education Ministry is due to examine the options for administrative measures to streamline and speed up the process of recognising educational qualifications. For example, the language requirements for recognising the foreign qualifications of foreigners should be reconsidered. The Economy Ministry has also included bills that have already been submitted to Parliament among the measures. These include, for example, allowing young people as of the age of 16 to set up a limited-liability company, and adjusting the minimum social contribution arrangements for self-employed people in line with their income levels. ko/df