September 23, 2021

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Solik Ministry wants to prevent family business bankruptcy, and is preparing a plan for its development

Solik Ministry wants to prevent family business bankruptcy, and is preparing a plan for its development

15.9.2021 (Webnoviny.sk) – Ministry of Economy of the Slovak Republic He wants to prevent bankruptcy or the complete demise of family businesses in Slovakia. Therefore, it will present in the near future a set of legislative and non-legislative measures called Action Plan for the Development of Family Businesses in Slovakia.

Ten measures in four areas

As the ministry said for SITA, its goal is to remove barriers to operating family businesses and to manage generational change.
The document will include ten measures covering four basic areas, the burden of taxes and contributions, raising awareness and education, transfers, and removing barriers to work. Some of them will focus on enhancing the competitiveness and growth of family businesses. The ministry explained that “the measures can be divided into three categories, the definition of the family business, the immediate measures to develop family businesses, and the measures taken to develop the family business in the long term.”

Space for more than a year of preparation

According to the ministry, actions that can be taken immediately or in a shorter time horizon are already the subject of today’s consultations on the upcoming change, for example, labor legislation. At the same time, there are also measures that are non-legislative in nature and can be adopted much earlier without changing the legislation.
The measures taken in the long term are scheduled to be implemented on June 30, 2022. “With these measures, there is room for more than a year to prepare for the required change in the legislation, which can take effect from January 1, 2023,” the ministry concluded.

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Source: Webnoviny.sk – Solik Ministry wants to prevent family business bankruptcy, and is preparing a plan for its development © SITA All rights reserved.

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