VATupdate

Correction of deducted VAT from outstanding liabilities from January 1, 2023 in Slovakia

In December 2022, we informed you in our News Flash about the amendment to the VAT Act, which, among other things, brings an important change from January 1, 2023 for VAT payers who have deducted input VAT from received supplies and at the same time have not paid their suppliers for these supplies.

Since the obligation to return the deducted VAT represents a significant limitation of input VAT deduction compared to system applicable until December 2022, and for thousands of VAT payers might lead to an additional VAT payment to the state budget already in the VAT return for January 2023, we bring you a summary of the most important highlights on this topic.

Source: accace.com

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