The Slovak government has announced some changes to the value-added tax (VAT) rules that will affect restaurants and small businesses in 2024. The changes are part of a draft law on finances, which aims to improve the public finances and the tax system of the country.
Slovakia to change VAT rules for restaurants and small businesses from 2024
Public
Slovakia
Author: Kristina Dosen
Category:
Fiscal subject related
Views:
635
Content accuracy validation date:
15.12.2023
Content accuracy validation time:
09:24h
One of the main changes is that alcoholic beverages will no longer be eligible for the reduced VAT rate of 10%, which currently applies to restaurant services. Instead, alcoholic beverages will be subject to the standard VAT rate of 20%, which applies to most goods and services. This VAT change will be applicable from January 1, 2024.
Another change is that the VAT registration threshold will be increased from EUR 49,790 to EUR 100,000 in 2024. This means that small businesses with a turnover of less than EUR 100,000 will not have to register for VAT and charge VAT to their customers. This will reduce the administrative burden and compliance costs for small businesses and encourage more entrepreneurs to enter the market.
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