Slovakia: Major changes in draft amendment to VAT Act
A draft amendment to the Slovak VAT Act proposing several major changes
A draft amendment to the Slovak VAT Act proposing several major changes
The Slovak Ministry of Finance introduced a draft amendment to the Slovak Value Added Tax (VAT) Act proposing several major changes.
The planned effective dates are 1 July 2024 and 1 January 2025 (except for amendment of reporting obligation of providers of payment services which is proposed to be effective from 31 March 2024).
The changes include:
- Introduction of special scheme for small enterprises
- Changes in VAT registration and VAT deregistration of established and non-established taxable persons; and changes in deadlines for filing VAT reports and issuing invoices
- Changes in late VAT registration and related reporting
- Introduction of reverse-charge mechanism upon importation of the goods (subject to further conditions)
- Amendment of the place of supply of services for virtual events
- Introduction of the possibility to claim input VAT deduction from the intra-community acquisition of the goods based on a document other than an invoice
- Decrease in the amount upon receipt of which a simplified invoice may be issued from €1,000 to €400.
Read a July 2023 report prepared by the KPMG member firm in Slovakia
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