- Countries in Europe have been exercising increased flexibility regarding their VAT rates.
- Two main factors have led to these changes: the Covid Pandemic and increased concessions granted by the European Commission.
- Slovakia is proposing to increase its standard VAT rate from 20% to 22%.
- The increase is justified by the fact that the current rate is lower than the EU average.
- The proposal is yet to be approved by the newly elected Parliament and is expected to take effect in 2024.
Source: kofax.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.
