Challenges
Inefficient & complex invoice validation posed by multiple EMS systems
Lack of resources and knowledge to cover VAT rules around the globe
Risk and exposure due to incomplete, error-prone manual processes
Results
Optimised VAT recovery process - Fully digitalised
60% higher level of compliance & reduced audit risk
Over 5,000 workforce hours saved due to enhanced operational efficiency
Full visibility and insights via a centralised workflow
The Slovak parliament has approved the act amending and supplementing certain laws in connection with the consolidation of public finance. As part of the measures, Slovakia is planning to:
- Increase the VAT rate to 23% on foods that contain increased sugar and increased salt, such as sweet snacks (chocolate, cookies and candied fruit, etc.), ice cream, jams, sweetened soft drinks, salty snacks (chips, etc.) – the increase will not affect the supplies of raw materials like sugar and salt themselves, or baby food, milk drinks, yogurts, 1005 juices with no added sugar;
- limit to 50% the input VAT deductions on car expenses, when the car is used for private purpose as well. Expenses impacted are items such as the purchase of a car, leasing, costs of operation and maintenance, fuel. 100% Eligibility will remain to apply solely if the car is used exclusively for business purposes only (the burden of proof will be with the taxpayer).
