CMS has advised Gramercy Europe, acting through its fund Gramercy Property Europe III, on the successful acquisition of the KiK Logistics Centre near Dunajska Streda, Slovakia, from Go Asset and ECE European City Estates. Peterka & Partners advised the sellers on the deal.
Bratislava Property Forum 2019, 2nd April 2019, Sheraton Bratislava Hotel, Slovakia
In its December session the Slovak parliament will decide whether to adopt a sectoral tax in the form of a 2.5% levy on net quarterly turnover of retail chains (the “retail chains levy”). The official purpose of the bill under consideration is to reach the strategic goal of food self-sufficiency, to finance the creation of mechanisms supporting Slovakia’s agricultural production and food industry, and to weaken the allegedly dominant position of large retail chains as regards their profits. The annual yield of the new tax is estimated at approximately EUR 150 million – a figure on which the Ministry of Finance relied in calculating its state budget for 2019.
The Slovak Republic’s favorable environment for investors and entrepreneurship has sometimes been obscured by law enforcement issues. The country’s Act No. 307/2016 Coll. on Electronic Debt Collection (the “Act”), which became effective in the Slovak legal system on February 1, 2017, was designed to improve law enforcement, speed up debt collection for creditors, and optimize expenses related to the procedure. The Act provided for simplified court proceedings held by electronic means with less administration and a reduced burden of proof, leading to an electronic payment order issuance, providing a quicker alternative to standard payment order judicial proceedings.