IMF emphasizes the low VAT rate in Slovakia

03.09.2014

 Despite the slowdown in 2013, Slovakia's economy, according to the International Monetary Fund (IMF) is gaining its momentum, thanks to a strong export sector and recovery in domestic demand, as well as the country's participation in Eurozone. The Slovak economy is one of the fastest growing economies in Europe, the IMF concludes.

The banking sector is in good shape.

Maintaining the stability and growth of the economy, as well as the fight against unemployment should became a priority for the government.

In the area of ​​taxation, the IMF noted, the rate of VAT in Slovakia, still remains as one of the lowest in Europe. However, the IMF considers revenues from taxes being insufficient and believes that the Government should take appropriate steps to increase contributions to the state treasury.

Source: http://www.imf.org/external/pubs/ft/scr/2014/cr14254.pdf

Expert’s opinion

 Slovakia joined EU in May 2004. For 10 years, she has always actively supported and continues to support its activities. Exactly such activities created favorable conditions for the growth of the economy at the expense of European investments. A little later, Slovakia joined the Schengen area.

At the moment, the tax rate and the VAT rate kept well within Europe. Moreover, the country continues to attract foreign investment in its economy.

In particular, with a relatively small investment of funds it is possible to obtain a residence permit in Europe. By buying a house in the suburbs of Bratislava or by creating jobs and by regularly paying a pretty penny in the budget of Slovakia, each of us becomes an interesting person for the state. And, therefore, such person can apply for a residence permit with further prolongation.

Our lawyers can advise on and help with migration issues associated with obtaining a residence permit in Europe.

Irina Lomakina ( Director of Moscow Office, Honest&Bright)