Members of the National Council of the Slovak Republic passed an amendment to the value added tax act (Slovakia)
In 2013, Slovakia reported a deficit of the public finance amounting to 2.8% of GDP. Based on this information, a VAT rate drop from 20% to the original 19% was expected (VAT act amendment from 2010 had to increase the VAT rate temporarily only, during the term of high deficit of the public finance in Slovakia and its drop under 3% GDP).
The President of Slovakia, however, approved a VAT act amendment in July, which among other things keeps the VAT rate at 20%. The government justifies it with its fear of state budget income decrease and assumption that despite a VAT rate decrease the traders would not change their prices.
An interesting new feature is the possibility of return of a part of excessive deduction before the end of the audit of eligibility for the applied excessive deduction.