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Today’s Top Headlines

Slovakia Urged To Improve Tax Oversight To Boost Revenue

by Ulrika Lomas,, Brussels

02 February 2017

Slovakia could generate an additional 0.9 percent of GDP in tax revenues by bringing the efficiency of its value-added tax (VAT) system into line with the EU average, the International Monetary Fund has said in its Article IV report.

The IMF said this should include developing a compliance strategy and reforming tax administration policies.

It added that the establishment of a well-defined corporate income tax base and targeting compliance efforts on the economic sectors with highest evasion rates would further support revenue gains.

Meanwhile the report said that Slovakia could align its property and environmental tax collections to EU average levels by basing the property tax on market values instead of surface area; by removing the zero rate applied to inheritance when property is held for more than five years; and by increasing environmental taxes. These measures could produce added revenues of up to two percent of GDP, the IMF said.

It also said that the country should follow through with plans to lower its bank tax to 0.1 percent to relieve pressure on banks' profitability.

TAGS: environment | compliance | tax | property tax | Slovakia | environmental tax

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