Slovakia to cut VAT on meat products to 10%.
- 07 August 2015 | Richard Asquith
Slovakia is to follow the example of Romania and Hungary by cutting its VAT rate on fresh meat products from the standard rate of 20% to the reduced rate of 10%.
Aside from assisting the local industry, it will help eliminate a large amount of suspected fraud in the sector, which has swept Central and Eastern Europe. The measure is expected to cost upwards of €1 billion per annum in lost revenues for the state.
It is expected that the new rate will come into force from 1 January 2016.