IMF alerts Slovak Republic on VAT rate cut
Slovakia has increased its VAT rate from 19% to 20% in 2011. IMF has warned that reducing the rate back to 19% would expense 0.3% GDP in tax takes for the country. As the economic picture has enhanced slightly, many countries have started to think
See MoreSlovak Republic: IMF advises to keep current VAT rate
International Monetary Fund’s (IMF) advice to Slovakia to preserve the 20% VAT rate and focus more on boosting state revenues rather than further cutting of expenses. The IMF assumes that the plan to reduce VAT to 19 % would responsible for 0.3%
See MoreSlovak Republic: Thin capitalization rules has considered related-party debt
The Ministry of Finance is currently considering the chance of re-initiating thin capitalization rules into Slovak tax law. With the help of an internal document the Ministry of Finance highlights that low capitalization expresses an effective tax
See MoreSlovak Republic: plans to raise its tax revenue by 0.3% of GDP in 2014
Slovak Republic has planned to raise its tax revenue in 2014 than previous year forecast. The government forecast to collect 189 million Euros ($259 million) or about 0.3 percent of GDP which is more than it forecast in the budget as the government
See MoreSlovakia – Reduced corporate income tax rate
Slovakia’s Parliament has reduced the corporate income tax rate from 23% to 22% with effect from 1 January 2014. The reduced corporate income tax rate is effective for tax periods beginning after 31 December 2013. This change affects both the
See MoreSlovakia: Corporate tax rate reduction, international tax rules changed
The Finance and Budget Committee of the National Council of the Slovak Republic recently proposed some changes to the Slovak Income Tax Act. The proposed changes cover reduction in the corporate income tax rate, carry forward of tax losses, transfer
See MoreGuernsey Signs TIEAs with Gibraltar and Slovakia
Guernsey's Chief Minister signed a Tax Information Exchange Agreement with his Gibraltar counterpart, on October 22, 2013. The agreement demonstrates that post-G8 Guernsey has maintained its momentum on greater tax transparency. The agreement was
See MoreSlovak Republic: Changes to Tax Procedure Code
On the basis of the recent amendments to the Tax Procedure Code, new rules related to the communication and submission of documents to the tax authorities will be applicable in the Slovak Republic and this will be effective from January 1, 2014. By
See MoreSlovakia: Amendments to the Income Tax Act
Slovakia's Parliament has passed legislation raising corporate and personal taxes from the beginning of 2013. The rate of corporate income tax would increase to 23% from 19%. Dividends paid out of profits generated before 1 January 2004 are subject
See MoreSlovakia and Kuwait sign a double taxation agreement
On November 14, 2012 the Kuwait Ministry of Finance announced that Slovakia and Kuwait have signed an agreement on eliminating double taxation and preventing fiscal evasion The agreement has not yet entered into force. The Ministry stated that the
See MoreSlovakia Unveils Special Bank Tax Plans
Slovakia’s Prime Minister has recently announced plans to introduce a special windfall tax on banks and to extend the existing tax on banking deposits, as part of government efforts to reduce the budget deficit. The Government plans to introduce a
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