Significant tax changes are coming in Slovakia: VAT increase and cuts to reduce the budget deficit
The Slovak government presented its new consolidation package, which fundamentally changes the country’s tax system.
Contrary to Prime Minister Robert Fico’s previous promise, the basic value-added tax (VAT) rate will be increased as part of the package, from 20% to 23%, Infostart reported. At the same time, the VAT on basic foodstuffs is reduced: from 10% to 5%, while a tax rate of 19% applies to other foodstuffs.
Finance Minister Ladislav Kamenický’s 17-point package of measures envisages cuts worth a total of 2.7 billion euros, which includes both spending reductions and revenue increases. The goal is to reduce the budget deficit from 5.6% to 4.7% in 2024.
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