27 May 2021
Three major changes brought by draft amendment to the Slovak VAT Act
The Slovak Ministry of Finance introduced a draft amendment to the Slovak VAT Act bringing three major changes.
The amendment to the Act which is proposed to be effective from 1 January 2022 (except for i. a. the announcement of bank accounts of existing VAT payers which is proposed to be effective from 15 November 2021) proposes:
- Introduction of the obligation of the VAT payers to announce to the Financial Directorate each own (as well as foreign) bank account to be used for the economic activity,
- This bank account will be used by the Tax Authorities for refund of the excessive deduction,
- List of these bank accounts will be published on the website of the Financial Directorate,
- The joint liability to VAT by the customer will be extended and will also apply should the consideration for the supply (or its part) be paid to another bank account than the bank account of the supplier that was on the payment date published in the list of bank accounts,
- Introduction of the possibility for the customer to pay the VAT stated in the invoice for the supply of the goods and services within Slovakia to the individual bank account number of the supplier kept by the Tax Authorities; and thus, to avoid the joint VAT liability.
We will keep you informed on the next steps within the legislative process.