November 6, 2019 / 11:24 AM / 6 days ago

Slovak government agrees to double tax on banks and keep it indefinitely

BRATISLAVA, Nov 6 (Reuters) - Slovakia’s government approved on Wednesday doubling a special banking sector tax to 0.4% of adjusted balance sheet next year and keeping it in effect indefinitely to help boost budget coffers, going beyond previous proposals.

The tax, imposed on banks’ liabilities after subtracting basic capital, was introduced in 2012 to help build a buffer for potential crises and was scheduled to expire at the end of next year.

The main ruling party proposed on Tuesday to raise the tax but end it at the end of the next year a scheduled. The bill approved on Wednesday however gives no expiration date for the levy. The change must be approved by parliament to take effect. (Reporting by Tatiana Jancarikova Editing by Jan Lopatka)

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