The Slovak parliament voted against two significant draft laws that aimed to temporarily reduce the rates of VAT and excise duty on gasoline and diesel fuel. These reductions were proposed to take effect from July 1, 2024, through December 31, 2025, but have now been dismissed.
Slovak Parliament Rejects Draft Law to Reduce VAT and Excise Duty on Fuel
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Slovakia
Author: Stefan Ditrih
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General subject related
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Content accuracy validation date:
16.07.2024
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00:00h
The first draft law proposed a reduction in the VAT rate on gasoline and diesel from the standard 20% to a significantly lower rate of 8%. This measure was intended to alleviate the financial burden on consumers and businesses by making fuel more affordable.
The second draft law focused on reducing the excise duty on fuel. Specifically, the duty on gasoline was to be decreased from EUR 514 per 1,000 liters to EUR 359, and the duty on diesel was to be lowered from EUR 368 per 1,000 liters to EUR 330. These reductions were designed to further cut fuel costs and support economic stability during the specified period.
Despite the potential benefits, the parliament's decision to reject these proposals means that the current VAT and excise duty rates will remain in effect. The standard VAT rate of 20% and the excise duty rates of EUR 514 per 1,000 liters for gasoline and EUR 368 per 1,000 liters for diesel will continue to apply.
The rejection of these draft laws has implications for both consumers and businesses in Slovakia, who will not see the anticipated reductions in fuel costs. As the country moves forward, it remains to be seen what alternative measures, if any, will be proposed to address the economic challenges associated with fuel pricing.
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