“I don’t know, Karol,” — with this phrase, Prime Minister Robert Fico responded to a question about abolishing the transaction tax (transakčná daň), which he himself had announced earlier. His statement made Slovak entrepreneurs nervous, who were already counting on a reduction in tax pressure.
What happened?
Two weeks ago, Prime Minister Fico promised that the transaction tax (transakčná daň) would soon be abolished. For many entrepreneurs who consider this levy a significant burden, it was good news. But not for long.
Now the head of government says that the issue of abolishing the tax will be discussed again at the coalition council. According to him, almost 500 million euros, which the budget receives from this tax, will be needed in 2027 — for example, for hospital construction and transport projects.
Why did Fico change his mind?
The prime minister explained that after his announcement, the media began to write that this tax is not so harmful to business, and its abolition would not greatly improve the business environment. Fico called this reaction “nonsense” and complained that any initiative of his government is criticized anyway.
Meanwhile, Interior Minister Matúš Šutaj Eštok (Hlas-SD) stated that abolishing the transaction tax is one of the key steps for economic growth, and he wants to check if there is general support for this.
What is the transaction tax and who does it affect?
This is a levy of 0.4% on every bank transfer between accounts, but no more than 40 euros per transaction. It is paid by all natural and legal persons in Slovakia. If you are a small entrepreneur, freelancer, or landlord, the bank deducts this percentage from every payment received in your account.
An important nuance: from January 1, 2026, natural persons with živnosť (sole-trader license — self-employment) no longer pay this tax. However, for legal entities (s.r.o.), it remains in force.
What’s next?
The final decision on abolishing the tax must be made by the parliament. Finance Minister Ladislav Kamenický and State Secretary Radomír Majerský are already preparing the necessary changes to the law. But for now, the tax remains in force and must be paid.
Source: interez.sk
