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No more VAT reductions

The government will not push for a lower value-added tax (VAT) rate for other commodities and services, the Hospodárske Noviny reported on November 21.

That means next year's VAT reduction on books should be the last one, Finance Ministry spokesman Miroslav Šmál said.

The VAT will only drop on books, medicine and medical aids, which the government has already reduced from 19 to 10 percent.

In addition to threatening the stability of the public finances, lowering the VAT would have a questionable effect on retail prices, government representatives say.

The ruling Smer party led the way on reducing the VAT on selected commodities, while other coalition partners were very cautious on this issue.

-SITA

Compiled by Zuzana Vilikovská from press reports
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