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Slovakia and the EU

Latest business news about Slovakia and the European Union.

Retailers commend European Commission for swift action against discriminatory Slovak tax
Commenting today on the European Commission announcement of an in-depth investigation into to the Slovak Retail Tax Law and an injunction suspending the application of the law, EuroCommerce Director-General Christian Verschueren said:

Brussels okays Slovakia state aid to Jaguar Land Rover
The EU Commission gave its approval Thursday to Slovakia's EUR 125 million investment aid to Jaguar Land Rover, saying it is in line with EU State aid rules, and will not unduly distort competition.

Ease of doing business compared for 25 European cities
A new report from the World Bank Tuesday assesses the support and obstacles entrepreneurs find in setting up and expanding businesses in 25 cities in Croatia, the Czech Republic, Portugal and Slovakia.

Doing Business in the European Union 2018: Croatia, Czech Republic, Portugal and Slovakia
Doing Business in the European Union 2018: Croatia, the Czech Republic, Portugal and Slovakia - the first report of the subnational Doing Business series in these countries - assesses the business regulatory environment and its impact on local entrepreneurs in 5 cities in Croatia (Osijek, Rijeka, Split, Varazdin and Zagreb), 7 cities in the Czech Republic (Brno, Liberec, Olomouc, Ostrava, Plzen, Prague and Usti nad Labem), 8 cities in Portugal (Braga, Coimbra, Evora, Faro, Funchal, Lisbon, Ponta Delgada and Porto), 5 cities in Slovakia (Bratislava, Kosice, Presov, Trnava and Zilina). The report measures regulations relevant to 5 stages in the life of a small to medium-size domestic firm: starting a business, dealing with construction permits, getting electricity, registering property and enforcing contracts.

EIB signs SME finance deals with Malta, Slovakia
The European Investment Fund has signed new SME financing agreements with banks in Malta and Slovakia to provide low-cost loans to small- and medium-sized enterprises and mid-caps.

Brexit to overshadow Slovakia's EU presidency
The result of the UK referendum overshadowed the launch of Slovakia's first-ever EU presidency on 1 July, as the College of Commissioners met the Slovak Government in Bratislava.

Agreement on gas flows from Slovakia to Ukraine
A Memorandum of Understanding (MoU) enabling gas flows from Slovakia to Ukraine was signed in Bratislava on 28 April 2014. José Manuel Barroso, President of the European Commission, attended the ceremony together with Slovakian Prime Minister Robert Fico and Ukrainian Energy Minister Yuriy Prodan. The Commission acted as a facilitator in the negotiations that led to the breakthrough. Along with the MoU, the gas pipeline operators concerned – the Slovakian company Eustream and the Ukrainian company Ukrtransgaz – signed a Framework Interconnection Agreement today, laying out the technical details of the foreseen solution.

Slovakia: country overview
Slovakia joined both NATO and the EU in the spring of 2004 and the euro zone on 1 January 2009. The most important sectors of Slovakia’s economy in 2015 were industry (25.2 %), wholesale and retail trade, transport, accommodation and food services (22.0 %) and public administration, defence, education, human health and social work activities (13.6 %). Slovakia's main export partners are Germany, the Czech Republic and Poland, while its main import partners are Germany, the Czech Republic and Austria.

Slovakia country profile
Slovakia has made significant economic reforms since its separation from the Czech Republic in 1993. Reforms to the taxation, healthcare, pension, and social welfare systems helped Slovakia consolidate its budget and get on track to join the EU in 2004 after a period of relative stagnation in the early and mid 1990s and to adopt the euro in January 2009. Major privatizations are nearly complete, the banking sector is almost entirely in foreign hands, and the government has helped facilitate a foreign investment boom with business friendly policies. Slovakia's economic growth exceeded expectations in 2001-08 despite a general European slowdown. Foreign direct investment (FDI), especially in the automotive and electronic sectors, fueled much of the growth until 2008. Cheap and skilled labor, low taxes, a 19% flat tax for corporations and individuals, no dividend taxes, a relatively liberal labor code and a favorable geographical location are Slovakia's main advantages for foreign investors. The economy contracted 5% in 2009 primarily as a result of smaller inflows of FDI and reduced demand for Slovakia's exports before rebounding 4% in 2010 and 3.3% in 2011. Unemployment rose above 12% in 2010-11. The government of Prime Minister Iveta RADICOVA implemented reforms to curb corruption and improve government accountability - a major source of discontent with many Slovaks - and trimmed the budget deficit to 4.9% of GDP in 2011.

EU Financial assistance for the decommissioning of nuclear plants in Bulgaria, Lithuania and Slovakia: Achievements and Future Challenges - ECA Special Report No 16/2011
In the framework of the EU accession negotiations, Bulgaria, Lithuania and Slovakia committed to the early closure and decommissioning of eight nuclear reactors, thus facing a significant production capacity loss. The Court assessed the effectiveness of the EU financial assistance (2 850 million euro up to now) in supporting recipient countries’ efforts to decommission their closed nuclear reactors and to address the consequences of the early closure. The Court found that progress has been slow, no comprehensive assessment of future needs exists, and available funding is plainly insufficient. The Court recommended making conditional any further support upon an evaluation of the EU added value.

Representation of the European Commission in Slovakia
Contacts of the European Commission representation in Slovakia.

Slovakia Investment Climate 2009
Slovakia’s once troubled economy has been transformed in the last ten years into a business friendly market-model, which led the region with GDP growth of 7.1 percent (est.) in 2008.

Access to finance
In Slovakia, there is a wide range of programmes, funds and loans available for the support of enterprise, which may be divided into public sector financial instruments and private sector financial instruments.

Setting up a business in Slovakia
An overview of the process of starting a new business in Slovakia.

Slovakia: Economy Overview
Slovakia has made significant economic reforms since its separation from the Czech Republic in 1993. Reforms to the taxation, healthcare, pension, and social welfare systems helped Slovakia to consolidate its budget and get on track to join the EU in 2004 and to adopt the euro in January 2009.

Slovakia and the euro
Slovakia joined the European Union in 2004 and has aspirations to adopt the euro in 2009.

Slovak economic boom, 2009 euro entry on track
Slovakia's economy is on track for further growth and should meet adoption criteria for the euro early 2009, the OECD said on Thursday.

Find an office in Slovakia
Instant Offices Slovakia

Slovakia country profile
Slovakia became an independent state in January 1993 after Czechoslovakia split into its two constituent parts. The Slovak Republic became a member state of the European Union and NATO in May 2004.

Guide to Slovakia
Slovakia Document Store - Panorama.sk - Guide to Slovakia

Slovakia Investor Resources
The Slovakia Investor Resources web site offers help to potential foreign investors in Slovakia. It contains a list of significant investments, sorted by the country of the company's HQ location. Also links to government agencies and business resources about the Slovak economy.

Business Environment - Slovak Republic
Snapshot of the business environment for the Slovak economy, from the World Bank

Doing Business and Investing in Slovakia (PWC)
PricewaterhouseCoopers publications that relate to Slovakia - articles and surveys with valuable information about what's going on in Slovakia.

Doing Business in the Slovak Republic (Ernst & Young)
Financial, investment and tax information in the Slovakia section of the Ernst & Young website.

International Tax Guide Slovakia (Deloitte)
The Taxation and Investment Guides are a first stop for investors wishing to gain a working perspective on the operating conditions and investment climate – including the legal, accounting and taxation framework – in the countries covered in the Deloitte International Tax Source. In addition to the Slovakia Highlights and Taxation and Investment Guide, above, country links open the door to the Deloitte International Tax Source and a wide range of materials and information on the tax consequences of doing business across borders.