Slovakia keeps narrowing its VAT gap

Bratislava, Slovakia (Estrup, CC BY)

Banking apps very popular in Poland

A new UAH20 banknote introduced

Slovakia

Slovak spectator reports that the VAT gap in Slovakia continued its downward trend. Since 2012, the VAT gap has fallen in Slovakia by 11 percentage points from 37 per cent to 26 per cent in 2016. In nominal terms, the VAT gap decreased by EUR10.5bn to EUR147.1bn.

According to a study the European Commission published on September the country lost EUR1.872bn in VAT revenues in 2016. This means that while the basic VAT in Slovakia was 20 percent and the reduced one 10 percent, the effective rate was 16.1 percent in 2016.

EU countries lost almost EUR150bn in VAT revenues in 2016. Economic Affairs Commissioner Pierre Moscovici commended the EU Member States for improving VAT collection throughout the EU. “A loss of EUR150bn per year for national budgets remains unacceptable, especially when EUR50bn of this is lining the pockets of criminals, fraudsters and probably even terrorists,” said Mr. Moscovici.

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Poland

Poland catches up with the most technologically advanced economies in Europe. The Polish Radio informs that by the end of Q2’18, 7.24 million Poles were actively using banking apps. It’s up 6.27 per cent q/q, according to a survey conducted by Netbank.

The radio quotes Włodzimierz Kiciński, vice-president of the Polish Bank Association, who commented that Poland was among the countries that were the first ones to implement modern payments methods.

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Ukraine

The National Bank of Ukraine (NBU) put into circulation a new UAH20 banknote (EUR0.61). The banknote was designed with improved security features. As reported, 5 million banknotes were distributed among the NBU’s regional units for further distribution. By the end of the year there will be 60 million new banknotes in circulation.

The Interfax quotes Viktor Zaivenko, Director of the NBU Cash Circulatioin Department: “Ukrainians will be able to make payments with banknotes of both 2003 and 2018 design for an unlimited period. The NBU will replace worn-out and damaged 20 hryvnia banknotes of 2003 design with the new ones.”

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What’s up in indexes

BET (of Bucharest) increased from 8,377.37 index points Monday, September 24th  to 8,378.04 index points Tuesday, September 25th. It’s up 0.01 per cent d/d and up 6.20 per cent y/y.

BUX (of Budapest) increased from 35,786.54 index points Monday, September 24th to 35,868.88 index points Tuesday, September 25th. It’s up 0.23 per cent d/d and down 5.88 per cent y/y.

CROBEX (of Zagreb) decreased from 1,810.29 index points Monday, September 24th  to 1,797.04 index points Tuesday, September 25th. It’s down 0.73 per cent d/d and up 1.57 per cent y/y.

OMXR (of Riga) decreased from 989.36 index points Monday, September 24th to 980.91 index points Tuesday, September 25th. It’s down 0.85 per cent change d/d and down 1.19 per cent y/y.

OMXT (of Tallinn) decreased from 1,218.46 index points Monday, September 24th to 1,214.75 index points Tuesday, September 25th. It’s down 0.30 per cent d/d and down 1.21 per cent y/y.

OMXV (of Vilnius) decreased from 691.61 index points Monday, September 24th to 688.70 index points Tuesday, September 25th. It’s down 0.42 per cent d/d and up 6.93 per cent y/y.

PX (of Prague) increased from 1,093.46 index points Monday, September 24th to 1,106.34 index points Tuesday, September 25th. It’s up 1.18 per cent d/d and up 6.23 per cent y/y.

SAX (of Bratislava) closed at 328.07 index points Tuesday, September 25th. It’s 0 per cent change d/d and up 0.27 per cent y/y.

SOFIX (of Sofia) increased from 623.48 index points Friday, September 21st to 623.52 index points Tuesday, September 25th. It’s up 0.01 per cent d/d and down 8.42 per cent y/y.

UX (of Kyiv) increased from 1,626.51 index points Monday, September 24th to 1,634.21 index points Tuesday, September 25th. It’s up 0.47 per cent d/d and up 45.79 per cent y/y.

WIG20 (of Warsaw) increased from 2,286.06 index points Monday, September 24th to 2,290.19 index points Tuesday, September 25th. It’s up 0.42 per cent d/d and down 6.64 per cent y/y.

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