The rate of corporation tax in the Slovak Republic falls today to 25%. The cut from 29% is the second reduction by the reformist government of Mikulas Dzurinda, after the rate was slashed from 40% at the beginning of 2001. All income tax rates are reduced as of 2002, including the highest and lowest bands, from 42 to 38% and from 12 to 10%. The number of bands is cut from seven to five.
Also coming into effect is an amendment to the VAT law that introduces VAT refunds on goods purchased by foreigners. The refund applies to purchases worth over 5,000 korunas that are taken out of the country, except for fuel, alcohol, tobacco and food. It also applies to goods and services, foreign companies' purchases from Slovak companies, except for alcohol, tobacco, accommodation, nutrition, entertainment, sport, recreational services, personal transportation, car rentals, motorcycles, yachts, aeroplanes, real estate, fuel (not including oil for lorries), and factoring services.
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