BRATISLAVA, May 30, (WEBNOVINY) — The Ministry of Finance has already prepared for the next session of the Cabinet a draft bill establishing a special levy for regulated companies. The Cabinet of Robert Fico should discuss the draft bill on the special levy on business in regulated industries at its session on Thursday. Prime Minister Robert Fico has already announced that collected revenue from this levy should be put into a fund aimed at pro-growth measures. „The draft bill provides that the revenue from the proposed special levy will be used to finance priority projects to kick-start economic growth and employment,“ the Finance Ministry writes in the prepared material.
According to the assumptions of the Ministry of Finance, the introduction of the levy will not increase the prices of services and goods supplied to final consumers. „This levy will not be considered an eligible expense that can be calculated into regulated prices and the law directly prohibits increasing regulated prices for this reason,“ says the ministry.
The Ministry of Finance proposes that the bill on the special levy should come into force from the beginning of September of this year. The Ministry of Finance proposes as the levy period each calendar month of the accounting period in which the regulated entity is authorized to perform business activities pursuant to special regulations. The last levy period would be December 2013. The income base level from which the duty to pay the levy starts is set at 3 million euro, and the rate of the levy for a regulated entity is on a monthly basis 0.00351. The levy is calculated as the product of the levy base and the levy rate. Companies will be able to include the paid levy as tax expenditure.
The Ministry of Finance is proposing that the special levy burdened companies that are authorized to do business in energy, insurance and reinsurance, public health insurance, electronic communications, pharmacy, postal services, transport by rail, sewerage and air transport and public water utilities. The draft bill also sets the condition that revenues from regulated business activity for the accounting period in which the business received authorization to do business achieved at least 50 percent of its total revenue for this accounting period.
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