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Schuster vetoes law on VAT

PRESIDENT Rudolf Schuster refused to sign the law on value-added tax (VAT), which resolves the taxation of goods and services in trade with the EU, the news wire SITA wrote.

Schuster wanted to express his opposition to the united VAT rate at 19 percent.

Finance Minister Ivan Mikloš said that the move has endangered Slovakia's trade with the EU as the draft is crucial for the country's entry to the union.

Schuster proposed a lower VAT rate on basic foodstuffs, drugs, children’s clothing, school items, energy, books, and newspapers, claiming that the unified VAT rates had worsened the living conditions of many Slovaks.

"If we have not adopted and implemented the law on the VAT before Slovakia’s accession to the EU [on May 1], then it will be impossible to trade with the EU countries," said the minister, adding that 90 percent of Slovak export goes to the EU.

Mikloš said it might be necessary to summon the parliament for a special session to pass the bill again.

Compiled by Beata Balogová from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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