The Slovak Republic’s Parliament has agreed to consider a draft bill to abolish the financial transaction tax (FTT), on 6 November 2024, due to its negative impact on businesses and potential conflicts with the country’s Constitution and European law.
The Slovak government introduced the financial transaction tax on 18 October 2024 as an amendment to a legislation aimed at improving the state’s public finances.
The financial transaction tax will take effect on 1 January 2025, with the first tax period starting in April 2025. However, the FTT for payment card usage will begin on 1 January 2025 and will continue for the entire year.
The abolition of the Financial Transaction Tax (FTT) is proposed to take effect on 1 March 2025.
The draft bill must be approved by Parliament, signed by the President, and published in the Collection of Laws to become law.
