Weekly Review of Slovene Economy from 26 June through 2 July

Ljubljana, 4 July - Slovenia introduced the value added tax on 1 July. The new tax replaces several rates of the sales tax and is the obligatory form of taxation of goods and services in the EU member states. The introduction of the new tax was particularly favourable for those who took out an insurance policy, as until the law stipulating taxation of insurance companies' business is adopted and takes effect (according to the estimate of the Ministry of Finance, this will not take longer than two weeks) the Slovene insurance companies cannot account the previous 6.5-percent tax of the operations carried out. A similar situation also emerged in gambling, where the tax rate before the VAT was higher, namely 20 percent. The Ministry of Economic Affairs on 1 July also presented the list of services and goods the prices of which are still under the control of the government: electricity, natural gas, oil derivatives, the transport of passengers by the railway, the basic postal services, the prices of the production and the distribution of warm water, textbooks, radio and television subscription and the redemption price of milk. The government also passed a decree on highest price limits. The decree is based on the price act and took effect on 1 July. It stipulates sales prices of goods and services regulated by the price act stay at the fixed level of 30 June despite the introduction of the value added tax on 1 July.

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