- Employers from RÚZ are asking the coalition to support the abolition of the transaction tax.
- Rejecting the proposal would make it impossible to resubmit the bill for six months.
- According to employers, the transaction tax increases the costs of companies and reduces competitiveness.
- The actual collection of the transaction tax significantly fell short of the originally planned revenue of the state.
Employers associated in the Republican Union of Employers (RÚZ) called on the parties of the government coalition to support the abolition of the tax on financial transactions at the current meeting of the National Council of the Slovak Republic (NR SR), even if it is an opposition proposal. They pointed out that if they reject this legislation, it will not be possible to submit the same proposal again during the next six months, which, according to them, the Slovak economy cannot afford.
“RÚZ has been warning for a long time that the transaction tax represents a non-systemic and anti-growth measure that increases the costs of entrepreneurs, reduces the competitiveness of Slovak companies and further worsens the business environment at a time when the economy needs the exact opposite – fundamental measures to support economic growth.” emphasized the union in the statement.
The negative consequences of the transaction tax according to RÚZ are also confirmed by the very results of its collection. The Ministry of Finance (MF) of the Slovak Republic initially estimated that the tax revenue in 2025 would reach EUR 517 million, a real however, the withdrawal amounted to only 349 million euros.
“The transaction tax fundamentally damages the economy, reduces the competitiveness of businesses, and at the same time does not bring the expected benefit to public finances. Today, Slovakia needs measures supporting growth and competitiveness, not further burdening the economy with unsuccessful experiments.” the employers declared.
According to the RÚZ, the loss of income after the abolition of the transaction tax must be compensated primarily by reducing state and public administration expenditures, not by further increasing the tax burden on the economy and the business sector.
“If the government representatives are really serious about their statements about supporting the economy, entrepreneurship and competitiveness, they now have the opportunity to confirm it with a concrete vote in the parliament. Slovakia simply cannot afford another six months of a dysfunctional transaction tax.” employers added.
