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0VAT to Drop on Selected Items in Slovakia
- New Europe Investor
- November 04, 2015
At the beginning of next year, VAT on selected items in Slovakia will drop from 20% to 10%.
VAT will be reduced on all chilled meat, freshwater fish, milk, butter and fresh bread. However, there is concern from many in the country, that retailers will raise prices just before the VAT changes take affect, and the lower VAT will not be passed on to the consumer.
To alley fears, prices will be monitored in the country from 15th November, under a price development control plan by the government. At the beginning of next year when VAT changes have been carried out, they will be looked at again.. The Ministry of Agriculture has promised to intervene, should any traders or retailers be seen to be taking advantage of the changes.
Analysts say that food prices have stagnated in Slovakia, leading many to believe price increases will be unlikely.
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