The Slovenia Government has announced that the standard rate of VAT will be raised from 22% to 24%. It will be the second increase to the standard rate in less than a year. VAT was increased to 22% from 20% in July 2013.
The move comes as the country tries to lower its budget deficit to under 3% of GDP in order to avoid penalties by the European Union. The Government originally planned to lower its deficit through a new tax on real estate, but the tax was rejected by the Constitutional Court.
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