Slovakia has decided to scrap its planned transaction tax, leaving Hungary as the only country in the European Union still implementing such a levy. This tax, which is a form of state extraction, generated 579 billion Hungarian Forints in revenue for Hungary last year. The original intention in Slovakia was to mirror Hungary’s financial tax, but it has now been deemed unviable. This means Hungary will remain unique within Europe in its continued reliance on this specific form of taxation. The failure of the Slovakian implementation underlines Hungary’s isolated position regarding this financial policy. Critics argue the tax stifles economic activity, while proponents cite its revenue-generating capabilities.