Option to defer import VAT payments until next VAT return
The Slovak Republic now enables importers to avoid the cash payment of import VAT by introducing deferred VAT from 1 July 2024.
Traders are able to report the import through their Slovakian VAT return and reclaim relief at the same time – thus removing the need for any payment. This is known as the reverse charge.
Previously, importers have to either pay VAT on clearing the goods into free circulation, or provide a bank guarantee to the tax office for up to 100% of the import VAT. This left Slovakia at a competitive disadvantage for its import and freight trade since many other EU states no longer require this.
The new Slovak postponed accounting procedure will require businesses to file VAT returns on a monthly basis. They must also have a clean recent VAT compliance history, and first apply to the tax office for permission as an Authorized Economic Operator (AEO) according to customs regulations to use the option.
You can check the right VAT calculations on individual or batch transactions with our Advisor and Auditor services.
EU Postponed VAT Accounting
| wdt_ID | Country | VAT & Customs deferrment account | Postponed VAT Accounting |
|---|---|---|---|
| 1 | Austria | Yes | Yes |
| 2 | Belgium | Yes | |
| 3 | Bulgaria | Yes | Yes |
| 4 | Croatia | Yes | Yes |
| 5 | Cyprus | Yes | |
| 6 | Czech Republic | Yes | Yes |
| 7 | Denmark | Yes | Yes |
| 8 | Estonia | Yes | Yes |
| 9 | Finland | Yes | |
| 10 | France | Yes | Yes |
