Ukraine introduced value added tax (VAT), which is one of the essential sources of fiscal revenues in many countries, in 1992. The tax became important for Ukraine’s economy as it brings about one third of consolidated fiscal revenues and accounts for near 10% of GDP. However, with years the tax became known for poor administration and fraud. Some loopholes in the administration relate to numerous VAT privileges and exemptions.


On May 1, 2014, the ten years long ban for foreigners on buying land in Slovakia comes to an end. The EU’s philosophy is that the European citizen is at home in every member country of the Union and this entails the possibility to buy an agricultural land. Thus, Slovakia and other member states are obliged to loosen these restrictions.