Slovakia promises to reduce VAT from 20% to 19%
- 5 August 2013 | Richard Asquith
The government has said that Slovak VAT could reduce back from 20% to 19% if the national deficit continues to fall. The target is the Euro-currency goal of a state deficit below 3% of GDP.
Slovakia raised its VAT rate to 20% at the start of 2011, but only as a temporary measure. It came as the neighboring Czech Republic raised its VAT rate to 20% in 2010.
There had been press reports that the 20% rate would be fixed as the permanent rate. However, a spokesman denied any such plans, and asserted that based on the current economic progress, the Slovakian VAT rate would return to 19% in 2015.