Spectator on facebook

Spectator on facebook

Better VAT collection could add €1 billion revenue for Slovakia

Slovakia could increase its revenue from the value added tax (VAT) by some €1 billion through more efficient collection and streamlined VAT collection and for that reason the justice and finance ministries are jointly working on a draft revision to the VAT law to eliminate fraud, the SITA newswire wrote. The amendment is ready for submission to a cabinet session and has a proposed effective date of October 1, 2012.

Slovakia could increase its revenue from the value added tax (VAT) by some €1 billion through more efficient collection and streamlined VAT collection and for that reason the justice and finance ministries are jointly working on a draft revision to the VAT law to eliminate fraud, the SITA newswire wrote. The amendment is ready for submission to a cabinet session and has a proposed effective date of October 1, 2012.

The Finance Ministry stated that the exact financial impact of the measure cannot be quantified over individual years because "their positive impact on the state budget fully depends on the approach and capability of the tax administration to apply them".

The amendment will introduce tougher penalties for firms that may evade VAT payer registration, extend the power of the tax office to cancel VAT registration in justified cases, and modify guarantees for refunds of VAT payments to eliminate taxable transactions whose only objective is to abuse the law and claim illegal refunds.

The amendment would also introduce a duty to register the purchase of a used motor vehicle from other EU-member countries and electronically submit the files to a tax office. "The reason is that during the subsequent sale of these vehicles in Slovakia tax frauds and evasions occur," stated the ministry, as quoted by SITA.

Source: SITA

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

Top stories

Unknown places worth visiting in Slovakia Photo

The year 2016 brought record numbers for tourism in Slovakia.

Špania Dolina, the runner-up in the Village of the Year competition.

This is not a game, and these are not children

If politicians care about the future of the country, they need to offer young protesters with specific demands more than the just same old vague assurances.

Nu Dance festival changes date and the finale coincides with International Dance Day

The festival of contemporary dance has not just moved in time but also from the stage to the streets, encouraging public participation.

Renan Martins: Let Me Die in My Footsteps

(W)Rapping up two worlds in one music

The Fjúžn festival annually presents interesting musical projects from people who cross borders, literally or symbolically. This year, the headliner of the main festival concert on April 22 will be the French-Iraqi…

The Iraqi-French band Aiwa