BRATISLAVA, January 12, (WEBNOVINY) — Slovakia approved investment stimuli worth nearly 1.2 billion euro over an eight-year period. The report on the provision of investment incentives the Cabinet acknowledged midweek states that successive Slovak governments supported 108 investment projects worth over 6 billion euro since 2002. These plans have created or are supposed to open nearly 41,000 new jobs. The highest number of projects was approved in 2006, constituting 44 percent of the overall figure, according to the Economy Ministry.
The state approved most stimuli in the form of a subsidy for acquisition of long-term tangible and intangible assets (nearly EUR 550 million), income tax relief (EUR 440 million), contributions for newly created jobs (nearly EUR 93 million), training of employees hired for new positions (over EUR 52 million) and for transfers immovable property or its exchange at a price below the general value of the property. The government of the Slovak Republic gave priority to income tax relief. This form of stimuli was approved for 89 investment projects, elaborated the department.
The ministry is presently finalizing the revision to the law on investment assistance to make the rules for stimuli provision more transparent, stated State Secretary at the Economy Ministry Martin Chren at a news conference after the Cabinet session on Wednesday. The incumbent Cabinet aims to gradually limit the provision of investment incentives and plans to compete rather through a better business environment and improved conditions for foreign and local investors, said Chren.
SITA