Slovakia brings in delayed accounting for import VAT.

TLDR:

Key Points:

• Slovakia now allows importers to defer VAT payments until their next VAT return
• This process, known as reverse charge, eliminates the need for cash payments or bank guarantees for import VAT

In an effort to make import processes easier and more competitive, Slovakia has introduced a new import VAT postponed accounting system. This system allows importers to defer VAT payments until their next VAT return, eliminating the need for cash payments or bank guarantees for import VAT. This new process, known as reverse charge, requires businesses to have a clean VAT compliance history and apply for permission from the tax office as an Authorized Economic Operator. This change brings Slovakia in line with many other EU states and aims to streamline the import process for businesses.