ECONOMIC BRIEFS

VAT will change on January 1

The cabinet on October 21 approved an amendment to the Act on the value added tax (VAT), aimed at increasing 1998 state budget revenues by 2.2 billion Sk. The amendment is moving some items, mainly food (meat, fish, dairy products, fruits, vegetables, corn, sugar) from the 23 percent tax bracket to 6 percent bracket. On the other hand, it increases VAT from 6 percent to 23 percent on other items, mainly services (telecommunications, financial and insurance sector, consulting).

The telecommunication services' increase alone will bring 1 billion Sk into the budget. All changes will come into force in January 1998. The government also increased the excise duty on tobacco from January 1, 1998, by an average of 4 Sk per large pack, which should bring an additional 1 billion Sk into the budget.

The processing of personal data is subject to our Privacy Policy and the Cookie Policy. Before submitting your e-mail address, please make sure to acquaint yourself with these documents.

Top stories

Fico mirrors stability, but Smer is considering a new election leader

Pellegrini could be Smer's number one in the 2020 parliamentary elections. Some Smer MEPs want a new party leader.

Former PM Robert Fico (left) and his successor Peter Pellegrini (right).

Kirschner: Music has always been the intention

Jana Kirschner has been on the Slovak music scene for more than 20 years.

10 things you need to know about the new parking policy in Bratislava

Foreigners living in Bratislava who are not eligible for permanent residence do not need to worry.

Current parking in Bratislava