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Covid-19

Description and volume of the aid packages made available to employees, small businesses, large corporations.

Recently, there have been approved measures including postponing of filing tax declarations and tax payments and postponing VAT payments.

On Sunday 29 March 2020, the Slovak government introduced “the first aid kit” for employers and businesses. These measures will be discussed on the meeting of the Slovak parliament in following days, i.e. these measures are not yet approved:

a)     Covering employee´s cost – employers directly hit by Covid 19 outbreak

Applicable to employers who have to close their business due to the quarantine measures (mainly restaurants, hotels, services).

Government will cover 80% of salary, max EUR 880 for one employee. The employer still has to pay tax and social/health insurance contributions, if these are not postponed.

Conditions:

  •   keeping jobs positions;
  •   aid capped at EUR 200,000 per month;
  •   applications open from April 6, submitted to the local Labour Office;
  •   first payments delivered from April 15 on the basis of the rule „first come, first served”.

b)     Covering employee´s cost – employers indirectly hit by Covid 19 outbreak

Government will contribute to the employer depending on monthly revenue decline between 20% and 80%:

20% - EUR 180 for one employee (obligation to pay remaining salary)

40% - EUR 300

60% - EUR 420

80% - EUR 540

Conditions:

  •   keeping jobs positions;
  •   revenue decline is calculated as last year revenue for the same month and current revenue, decline is only declared by a declaration of the employer;
  •   aid capped at EUR 800,000 per year;
  •   applications open from April 6, submitted to the local Labour Office;
  •   first payments delivered from April 15 on the basis of the rule „first come, first served”.

c)     No costs on employees in quarantine and stay-at-home parents due to closure of schools and kindergartens

Government will pay 55% of gross salary if the employee is in quarantine or taking care of child due to the closure of schools and kindergartens.

d)     Bank guarantees to finance businesses

Government will provide commercial banks with EUR 500 mil. state guarantees that enable them offering cheap loans and postpone loan repayment of businesses.

e)     Postponing the health and social contributions if the turnover fell by 40% or more

f)      Postponing the tax prepayments if the turnover fell by 40% or more

g)     Crediting the past losses of companies since 2014 on the profits of 2019. 

More details on adopted measures, as well as other measures, will be revealed this week.