Slovak lawmakers approved a €2.7 billion ($3.2 billion) package of higher taxes and spending cuts aimed at reducing one of the European Union’s highest budget deficits.
Among the measures are higher income taxes for above-average earners, value-added tax adjustments for certain food products, gambling taxes and increased health and social insurance contributions.
The government estimates savings from spending cuts could reach €1.3 billion ($1.5 billion), though detailed measures should only be revealed next month.
Slovakia’s economy is grappling with a significant slowdown due to global uncertainties, particularly European trade tensions with the US, which have dampened tax revenue.
Prime Minister ...
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