Politická ekonomie 2021, 69(6):689-707 | DOI: 10.18267/j.polek.1336

Tax Policy in the Slovak and Czech Economies

Zlatica Peňákováa
a Masaryk University, Faculty of Economics and Administration, Czech Republic

Today, society is struggling with the uncertainty caused by the pandemic of coronavirus disease 2019 (covid-19). Government budgets will face a real challenge in the coming years. This paper provides an overview of public finances and their condition over the past 20 years in the Slovak and Czech Republics. It investigates the possible effects of different tax type changes and also the option to cover budget losses. A simple dynamic stochastic general equilibrium (DSGE) model with three sectors was calibrated using data from 2018 and a stochastic analysis was performed. It was shown that the economy was more sensitive to shocks on social security contributions than to those on other taxes. The results may help support a reform of decreasing labour taxes, for which both Slovakia and Czechia have been waiting for a long time.

Keywords: Tax reform, Czech Republic, Slovakia, DSGE, labour, capital, consumption
JEL classification: C50, E60, H20

Vloženo: 25. leden 2021; Revidováno: 25. říjen 2021; Přijato: 25. říjen 2021; Zveřejněno: 21. prosinec 2021  Zobrazit citaci

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Peňáková, Z. (2021). Tax Policy in the Slovak and Czech Economies. Politická ekonomie, 69(6), 689-707. doi: 10.18267/j.polek.1336
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