Government draft of the Act on the abolition of a special levy on selected financial institutions and on certain measures related to its abolition, was approved by the National Council of the Slovak Republic on 24 November 2020 and it is on its wax to the Collection of Laws. Pursuant to this Act, the obligation of selected financial institutions to pay a special levy, which they were obliged to pay from 1 January 2012 on the basis of Act No 384/2011 Coll., on a special levy for selected financial institutions in the amount of 0.2% and, from 1 January 2020, in the amount of 0.4% of the value of banks’ liabilities reported in the balance sheet, will be abolished.
The primary objective of introducing the special levy for selected financial institutions was to ensure that the banking sector made an adequate contribution to financing the costs of resolving possible financial crises in the future.
The Act on the abolition of the special levy states that the balance of the special levy paid will remain a State financial asset and may be used for the activities of the Slovak Development Fund, which will be focused on supporting and financing development programmes of the Slovak government.
This Act shall enter into effect on 1 January 2021.
