Slovak VAT changes
- Jan 6, 2016 | Richard Asquith
The new Slovak VAT Act will bring in changes to the Value Added Tax regime in 2016. The changes include:
- Basic foodstuffs are lowered to the 10% reduced VAT rate
- The introduction of the domestic reverse charge for supplies in the construction industry
- Cash-based VAT remittance for supplies to delay paying output VAT due until they receive the VAT from their customer. In return, the customer may not recover the VAT till they have paid their supplier if they are using this regime.
- The introduction of the reverse charge for non-resident VAT registered companies on domestic supplies
- Increases in penalty regime
- The right to recover VAT suffered on goods or services prior to VAT registration in certain circumstances
Need help with your Slovakian VAT compliance?
Researching Slovakian VAT legislation is the first step to understanding your VAT compliance needs. Avalara has a range of solutions that can help your business depending on where and how you trade.