- Slovakia is considering reverting the standard VAT rate to 20% amid economic pressure
- Last year, the standard VAT rate was increased from 20% to 23%
- A new reduced VAT rate of 19% was introduced for essential food and medicine
- The Slovakian Parliament has prepared new amendments to the VAT Law
- The amendments propose returning to the previous standard VAT rate of 20%
- The amendments also suggest extending the 5% reduced VAT rate on specified products
- The VAT registration threshold may be increased to EUR 75,000
- The debate on whether to approve these amendments is ongoing
- Political pressure is rising against the Prime Minister’s policy
- Some amendments are expected to bring financial relief for Slovak citizens and the economy
- Taxable persons must adjust their accounting and invoicing systems if the amendments are adopted
- Changing the VAT registration threshold could lead to many taxable persons applying for deregistration from the VAT system
Source: vatabout.com
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.
