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Slovakia Raises VAT Rates

  • Slovakia’s Prime Minister Robert Fico reversed opposition to tax hikes by amending VAT laws
  • VAT rate increased from 20% to 23%, putting Slovakia close to EU’s highest standard VAT rate
  • Preferential VAT rate for essential goods also increased from 10% to 19%
  • Concessions for small businesses introduced, including special VAT ID for those below certain turnovers
  • New VAT rules for online entertainment services and reverse charge mechanism for goods imports
  • Fico justified VAT hike due to Slovakia’s difficult financial situation
  • Opposition criticizes VAT hike, saying it will lead to dramatic price increases for citizens

Source: centraleuropeantimes.com


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  • Global Upcoming VAT Rate changes Chronological, click HERE

 

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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