Slovakia’s Effort to Cancel Bank Tax Clears Final Hurdle

The Slovakian parliament voted to abolish the special tax on bank deposits.

The decision passed 87-48 with 3 abstentions on Tuesday and now heads to the president for signature.

• Earlier this year, Slovakia agreed to eliminate the special tax in exchange for lenders’ help financing the country’s economic recovery from the pandemic.
• In July, the Slovakian parliament approved legislation to cancel the third- and fourth-quarter installments of the special tax. The tax amounted to 0.4% of liabilities recognized on a bank’s balance sheet net of equity and subordinated debt.
• More structural legislative work was required to ...