President Zuzana Caputova signed into law on Wednesday the windfall tax hike for refineries, due to increase from 55 percent to 70 percent and stay in effect throughout 2023. Unlike the original bill, the signed amendment exempts coal-mining operations from the windfall tax, with an eye towards lending support to the transformation of the Upper Nitra region, which needs investments for its further development after the mining of brown coal is slated to terminate there this year. The windfall tax applies mostly to the Bratislava-based Slovnaft oil refinery. Even though the introduction of the windfall tax stems from EU directives, Slovnaft rejects the current rate and entertains plans to challenge it in the arbitration court.
Source: TASR
Zuzana Botiková, Photo: TASR
