Slovakia Kills Tax On Banks In Return For Financing Program

Law360 (June 22, 2020, 8:42 PM EDT) -- Slovakia will abolish a special tax on bank deposits, and in return domestic banks will provide €1.5 billion ($1.7 billion) to finance state development projects and private loans, government and banking industry leaders said Monday.

Per an agreement signed by Slovakia's Finance Ministry and the Slovak Banking Association, scrapping the tax will enable banks to fund a €500 million national development fund and spend €1 billion on loans to companies and individuals, a ministry statement said.

The goal of the agreement is to encourage private lenders to help finance Slovakia's economic recovery from the coronavirus pandemic, the statement cited Prime Minister...

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