Slovakia are proposing to increase the VAT registration threshold for resident businesses from EUR 49,790 to EUR 75,000.. If approved it is expected to enter into effect from 1st July 2024.

The option to voluntarily register for VAT would remain.

If the measure is approved taxpayers registered for VAT with a turnover less than EUR 75,000 in the 12 previous consecutive months will be able to request to deregister for VAT purposes.

The bill still requires approval by the Slovak parliament and to be signed into law by the President.

If you have any questions on the impact of the above changes on your business, please contact us here.