Slovak VAT changes
- 07 January 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
VP Global Indirect Tax Richard Asquith
Richard Asquith is VP Global Indirect Tax at Avalara, helping businesses understand their compliance obligations as they grow globally. He is part of the European leadership team which this year won International Tax Review's Tax Technology Firm of the Year. Richard qualified as an accountant with KPMG in the UK, and went on to work in Hungary, Russia and France with EY.