Three main changes brought by draft amendment to the Slovak VAT Act

The Slovak Ministry of Finance introduced a draft amendment to the Slovak VAT Act bringing three major changes which are proposed to be effective from 1 January 2020:

• “Quick fixes” as regards the call-off stock simplification, chain transactions and intra-community supplies of goods;

• New rules for the VAT exemption for taxable supplies related to the international trade in customs and special warehouse;

• Other changes that include i.a.:

  • Rules for correction of the tax base for travel agents;

  • Determination of the tax base upon free-of charge supply of low value tangible assets;

  • Obligation to adjust the input VAT deducted (via capital goods scheme) also with respect to purchase of services related to these goods.

We will keep you informed on the next steps within the legislative process.