On 2 April 2020, the Slovak Parliament passed the government’s proposal called Lex Corona, which covers three areas: taxes, financial market, and budgetary rules. The aim of this law is to help and protect taxpayers, entrepreneurs, and SMEs from the economic consequences of the pandemic. The legislation at issue provides a special period – the…
On 2 April 2020, the Slovak Parliament adopted a draft Labour Code in order to make the following changes applicable at the time of the declaration of the state of emergency/extraordinary situation (hereinafter referred to as the “crisis”) and for the two months until the crisis is recalled: The possibility of working from home, if…
On 3 April 2020, the Slovak Parliament passed the Amendment to the Social Insurance Act, which amends the deferral of payment obligations of policyholders who report a drop in net turnover or a drop in income from business and other self-employment activities by 40% or more. Contributions for March 2020 are due by 31 July…
In view of the severity of the current situation regarding the outbreak of the COVID-19 virus (“Coronavirus”), we have prepared a special newsletter containing all important information that may affect your business and your employees. Our company has set up a team of people to follow the current situation and evaluate all economic, tax, and…
Spare a thought for Nikola Tesla. The Serbian/American scientific genius and rival of Thomas Edison, whose inventions continue to define how we use electricity today, died an impoverished and relatively unknown figure in a New York hotel during the second world war. Today, his name is best known, not for his ground-breaking research on electricity…
Effective 1 January 2020, the provisions of §44 of the VAT Act have been amended to include a new letter c), which is used to clarify the tax exempt status of goods acquired domestically from another member state if the party acquiring such goods would be entitled to a VAT refund in the full amount.…
A number of changes regarding the payment of advance corporate income tax payments took effect 1 January 2020 and are summarised below: The lower threshold for paying quarterly advance tax payments rose from €2,500 to €5,000. All calculations are rounded to two mathematical decimal places effective 1 January 2020. A change was made to the…
The Motor Vehicle Tax Act has been amended effective 1 January 2020 based on amendment of Act No. 106/2018 Coll. on the Operation of Vehicles and Road Traffic. Several changes came into effect in January that clarify Act No. 361/2014 Coll. on Motor Vehicle Tax. These changes affect all entrepreneurs who incur a tax liability…
Commercial Register The amendment of the Commercial Code and the Commercial Register Act amends numerous provisions. One fundamental change is the fact that petitions to the commercial register can now essentially only be filed electronically (if a document cannot feasibly be filed electronically given the nature of the document or its size, then paper form…