Employers Welcome Plan to Scrap Transaction Tax, Are Expecting Further Measures

Bratislava, 24 August (TASR) - Employers welcome the announced abolition of the transaction tax, but are also expecting further measures to support economic growth, according to statements made by representatives of employers' associations following Monday's tripartite meeting. "We consider it to be crucial to continue the constructive dialogue between the government and the social partners and to work together to find solutions that will contribute to a more stable, predictable and competitive business environment in Slovakia," said head of the Association of Employers' Unions (AZZZ) Rastislav Machunka. Deputy head of the National Union of Employers (RUZ) Mario Lelovsky doesn't regard the scrapping of the transaction tax as a pro-growth measure, but rather as the removal of a destructive measure. "We expect the government to introduce many pro-growth measures so that we can expect our competitiveness to start increasing," he stated. Klub 500, which brings together large companies with domestic owners, also views the abolition of the transaction tax as a positive and necessary step. However, it likewise expects this to be followed by further measures. "We believe that, when preparing the new budget, the government will also bear in mind where state revenue actually comes from. Without a competitive industry, investment, manufacturing and jobs, the consolidation of public finances cannot be successful in the long term either," said Klub 500 chairman Vladimir Sotak in a statement. Labour, Social Affairs and the Family Minister Erik Tomas (Voice-SD) stated after the tripartite talks that growth-promoting measures hadn't been discussed at Monday's meeting. However, the partners agreed that, at the next meeting, the government will present the reasons for rejecting certain growth-promoting measures proposed by employers. "As regards pro-growth measures as such - those that are genuinely pro-growth, which include, in particular, reducing taxes and social levies - these must be linked to the state budget. We'll therefore discuss them when we're adopting the state budget," he said, adding that the abolition of the transaction tax can also be regarded as one of the pro-growth measures. "So you see, it has already begun," he pointed out. The premier announced on Monday that at a meeting on preparations for the new state budget for 2027, he asked Finance Minister Ladislav Kamenicky (Smer-SD) and Finance Ministry State Secretary Radovan Majersky to prepare all necessary legislative and technical measures to abolish the transaction tax with effect as of 1 January 2027. The new financial transaction tax was introduced by the current government as part of its consolidation measures in April 2025. Initially, it applied to all businesses, both legal entities and individuals, but self-employed people stopped paying it at the beginning of this year. am