Following the ECJ decision announced last April , the Slovakian government introduced changes to its VAT law to allow the possibility of receiving interest on VAT refunds when these are repaid after a given period.
Where the tax authorities transfer the VAT amount after six months from the moment the repayable VAT return is submitted, the authorities must add daily interest to the repayment. The applicable interest rate will be twice the interest rate published by the European Central Bank and not lower than 1.5 .
The ECJ has been proactive precluding legislations that disallow interest on...Read more
The ECJ has prohibited the provisions of Slovakian tax law that disallowed any interest on VAT refunds to be repaid by the authorities after 10 days following the end of an audit.
Although EU law requires interest to be paid on late refunds repaid by the tax authorities, in practice, not all Member States add interest to their late repayments. For example, Spain is one of the countries that usually pay interest on VAT refunds, whereas Italy does not normally pay such interest.
Rules on VAT refunds through VAT returns are also different from one country to another. In this article , we explain some of differences...Read more
Slovakia introduced several VAT changes to their VAT act. As announced in our last newsletter, the domestic reverse charge was introduced on all supplies of goods made by foreign non established suppliers. In addition to the reverse charge changes, the following amendments have been made to the Slovakian VAT law
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