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Robert Fico’s left-wing party will govern the country alone. It was decided in elections that took place on March 10. Fico’s SMER-SD consequently secured 83 seats out of 150 of the National Council. It will form
a one-party government as other parties refused to join in a coalition. Robert Fico plans to abolish the unique tax rate of 19% (VAT, income tax and corporate tax) and raise the income tax to 25% for the richest Slovaks and the corporate tax to 22% for companies whose profits exceed € 30 million annually.
Even if the country returned to growth in 2010 and 2011, this year’s forecasts are much gloomier so that the new government will be forced to caution not to deteriorate the now favourable investment environment and the recent progress in reducing the budget deficit. Finally, relations with Hungary (and with its large minority living in Slovakia) might become less harmonious.
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