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At their meeting today, the Ministers approved the draft Manifesto of the Government of the Slovak Republic. The priority of the Ministry of Finance of the Slovak Republic, which is also defined in the document itself, is first and foremost a return to sustainable public finances with the aim of stabilising the development of public debt as a proportion of GDP.
In 2024, the reduction of the general government deficit will amount to 0.5% of GDP, in order not to further deteriorate the living standards of the population, which are among the lowest in the European Union.
For example, because of the extreme increase in debt over the last 3.5 years, the government will make efforts to amend the Constitutional Act on Budgetary Responsibility. It will also continue the review of public spending, subject to the condition of consensus at the level of Ministries and the Government of the Slovak Republic.
The document defines a number of areas that fall within the scope of the Ministry of Finance.
ENHANCING TAX SOLIDARITY
• The government will propose the introduction of a bank levy, while at the same time making efforts to prevent the spill-over effects of the introduction of this instrument on clients.
• The government will propose the introduction of solutions to reduce the interest burden on people with housing loans.
• The introduction of specific financial instruments to reflect the extraordinary profits and super-profits of sectors, corporations, legal entities or individuals is also a priority.
• In the area of personal income taxation, the government will propose introducing higher progressivity by adjusting the tax base bands without a negative impact on low-income groups and making the child tax bonus more socially equitable.
• The government will propose increased property tax reflecting the social standards of the population.
• The government will combat negative externalities by considering adjustments to tobacco and alcohol tax rates. In this context, it will also consider the introduction of a tax on sweetened beverages.
Other priorities include: simplifying the payment of taxes and levies, streamlining the fight against tax and customs evasion, adjusting the rules on the enforcement and implementation of international sanctions, promoting investment financing, more effective auditing and control, and focusing on the state's pricing policy.
The full Manifesto of the Government is available here: https://rokovania.gov.sk/RVL/Material/28969/1
Press Department
Ministry of Finance of the Slovak Republic
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