- Slovakia is planning to increase VAT rates starting next year as part of a financial act
- The increase in VAT rates will impact the buying potential and quality of life of citizens
- The draft bill is still in the negotiation phase and will be submitted to Parliament
- If passed, the new VAT rates could be in force from January 1, 2025
- The standard VAT rate will increase from 20% to 23%, reduced rates will also change
- The increase in VAT rates will impact domestic households and businesses
- Businesses should start preparing for the expected changes in tax calculations and cash flow
Source: 1stopvat.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.
