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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.

Top stories

Voters don’t understand self-governing regions

Rules for regional elections change, which may bring some surprising victories.

One of the biggest fights is expected in Banská Bystrica Region.

Sagan rewrites history Video

Cyclist Peter Sagan becomes the first man to win three consecutive world championships. He allegedly did not expect it and was easy with the idea he would not win.

Ballet legend Sergei Polunin will be guest of SND

The world-renowned personality of contemporary ballet will present two choreographies at the Slovak National Theatre in September.

Sergei Polunin

Blog: Why did I come here?

A group of teachers and students from the Bratislava-based school gathered to support their friend, colleague, and fellow foreigner, as she had already tried four times just to get in the door of the foreign police.

Queue in front of the foreigners' police department in Bratislava.