In brief
30 September 2021

Summary of amendments to tax and accounting laws at the meeting of the Slovak National Council

At the September meeting of the Parliament, several legal regulations in the tax and accounting area were discussed in the first reading. We summarize selected changes according to individual types of taxes.

Daňové a právne oddelenie

Amendment to the Tax Administration Act (Tax Code) - including an indirect amendment to the Income Tax Act, the Insurance Tax Act and the Excise Tax Act, brings a package of measures aimed at tax avoidance tackle.

The tax reliability index is proposed - the Slovak Ministry of Finance introduces a new, more revised version of the rating of taxpayers based on the fulfillment of their tax obligations (filing tax returns, paying taxes, tax prepayments, penalties). The specific conditions for the tax reliability index assignment for each tax entity registered for income tax should be published continually by the Slovak Financial Administration. Responsible entrepreneurs will be rewarded in the form of several benefits - permission to defer tax payment, payment of tax in installments, shortened deadlines for issuing certificates, preference for local surveys over tax audits and much more. The results of measuring the reliability of particular entrepreneurs in 2022 will be made available to the public.

Amendment to the VAT Act – we have informed you about the main changes of the draft amendment in our previous article.

Amendment to the Act on Accounting - proposes publishing the financial statements of all legal entities in the public part of the Register of Financial Statements and thus strengthen the transparency of the reported information exclusively in electronic form. The Amendment of Act also specifies the conditions for processing electronic accounting records.

Amendment to the Act on Excise Duty on Alcoholic Beverages - modifies the conditions for the operation of a tax warehouse (a small independent distillery) and the possibility of producing beer with a zero rate of excise duty.

We will continue to monitor the development of the legislative process in this respect.

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