News

The new Slovak VAT Act will bring in changes to the Value Added Tax regime in 2016. The changes include:

  1. Basic foodstuffs are lowered to the 10% reduced VAT rate
  2. The introduction of the domestic reverse charge for supplies in the construction industry
  3. Cash-based VAT remittance for supplies to delay paying output VAT due until they receive the VAT from their customer. In return, the customer may not recover the VAT till they have paid their supplier if they are using this regime.
  4. The introduction of the reverse charge for non-resident VAT registered companies on domestic supplies
  5. Increases in penalty regime
  6. The right to recover VAT suffered on goods or services prior to VAT registration in certain circumstances

Ireland has raised its Intrastat reporting threshold on arrivals from €191,000 per annum to €500,000. The threshold for reporting dispatches will remain at €635,000 per annum.

Intrastat is the reporting regime for businesses to declare the movement of goods across EU borders. It is generally required on a monthly basis, with separate reports for goods leaving a country, dispatches, versus goods coming into a country, arrivals. It excludes goods’ movements into (imports) or out (exports) the European Union.

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