Slovakia VAT Calculator

Value added tax is also known as turnover tax in Slovakia. It is an indirect and a form of consumption tax that is collected at the rate of 20 %. A reduced rate of 10 % is collected for medicines and books. It is imposed on assets, services and imports. Turnover Tax registration is compulsory for the businesses whose turnover exceeds EU 49,790 in the previous years.

TurnOver Tax Calculation

Other Countries
Australia   Argentina   Brazil   Canada   Denmark    Egypt    Finland    France    Germany    Greece    Hungary    Italy    Indonesia    India    Japan    China    Malaysia    Mexico    Netherlands    New-Zealand    Russia    Singapore    Spain    South Africa    Switzerland    Thailand    United Kingdom    United States    Vietnam   

Value added tax is also known as turnover tax in Slovakia. It is an indirect and a form of consumption tax that is collected at the rate of 20 %. A reduced rate of 10 % is collected for medicines and books. It is imposed on assets, services and imports. Turnover Tax registration is compulsory for the businesses whose turnover exceeds EU 49,790 in the previous years.

Formula:

Add Tax Tax Amount = ( Original Cost * VAT% ) / 100 Net Price = Original Cost + Tax Amount
Remove Tax Tax Amount = Original Cost - ( Original Cost * ( 100 / ( 100 + VAT% ) ) ) Net Price = Original Cost - Tax Amount

Example

Find the VAT price and net price in Slovakia (GST % is 20) for an amount of 25000 €

Add Tax

Solution :
GST % = 20
Amount = 25000

Step 1 :
GST Price = (25000 * 20 ) / 100
     = 5000 €

Step 2 :
Net Price = 25000 + 5000
     = 30000 €

Hence the VAT Price is 5000 € and Net Price is 30000 €

Remove Tax

Solution :
GST % = 20
Amount = 25000

Step 1 :
GST Price = 25000 - (25000 * ( 100 / (100 + 20)))
                 = 25000 - (25000 * 0.83)
                 = 25000 - 20833.33
                 = 25000 - 20833.33
GST Price = 4166.67 €

Step 2 :
Net Price = 25000 - 4166.67
                = 20833.33 €

Hence the VAT Price is 4166.67 € and Net Price is 20833.33 €


english Calculators and Converters

Ask a Question


Sitemap