Slovakia Lawmakers Move Toward Killing Controversial Bank Tax

Slovakia took the first legislative step toward eliminating a special tax on bank deposits and adopted several smaller tax-related measures to help its virus-hit economy.

The legislation, passed by parliament on Thursday, would cancel the third- and fourth-quarter installments of the special tax, which has been paid quarterly and this year amounted to 0.4% of liabilities recognized on a bank’s balance sheet net of equity and subordinated debt.

Meanwhile, more structural legislative work is underway to completely write the tax out of Slovak law, according to Diana Priechodska Brodnianska, spokesperson for the Slovak Banking Association