The Ministry of Finance of the Slovak Republic has prepared an amendment to the VAT Act, which has already passed the first reading in the parliament, and its approval in the second reading is planned for the second half of October 2022. The amendment will be effective for most points from 1 January 2023. In the article, we summarize the main expected changes in five points.
Proposals for changes in the amendment to the VAT Act this time did not only come from the Ministry of Finance’s workshop, but the members of the National Council of the Slovak Republic also came up with two proposals in an attempt to reduce the VAT rate on selected commodities.
- Changes in bad debts
- Additional reporting obligation for Slovak banks and other payment institutions (proposed effective from 1 January 2024)
- Simplification for exempted financial and insurance activities and delivery and rental of real estate
- Refund of deducted VAT in case of theft
- Other changes
Source Grant Thornton
