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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.

At the end of 2018 long-time Allen & Overy Partner Hugh Owen announced that, after 23 years at A&O — 19 of which were spent in CEE — he was stepping away from that Magic Circle firm to start his own consulting firm, called Go2Law. A year later, we checked in on him.

RTPR Allen & Overy in Bucharest and Allen & Overy in Bratislava have advised a syndicate of banks in relation to a USD 68 million credit facility granted to Romania's Alro Slatina. Zamfirescu Racoti & Partners advised Alro on the deal. 

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.