This special newsletter is to provide you with the information about the updated changes in the Act on Income Tax, effective from 2017. 1. Changes to the Act on Income Tax: 1.1 Profit shares, dividends Adopted amendment to the Act on Income Tax A meeting of the National Council of the Slovak Republic was held…
Base erosion is a very important issue on the political agenda of many countries both inside and outside of the EU and it has been addressed at G20 and G8 summits. The G20 and the OECD have prepared a BEPS Action Plan aimed at combating base erosion and profit shifting by multinationals to countries with…
On December 22, 2015, the Italian Parliament approved the 2016 Finance Act, which includes provisions introducing country-by-country (CbC) reporting for Italian parented multinational enterprises (MNEs) in line with Action 13 of the OECD’s Base Erosion and Profit Shifting project. An Italian MNE that is required by law to prepare consolidated financial statements, that has consolidated…
The Ministry of Finance has published a document on the 22nd of April 2016, as a reaction to the European directive ATAD to open the discussion about the implementation of the BEPS action plan into Czech legislation. Some of the action plans are mentioned below, which either have been implemented or are still waiting for…
We would like to advise you of the Law on transfer pricing documentation (further referred to as LTPD), which is valid from August 2016 in Austria. This law introduces an extension of regulators for multinationals for the taxable period beginning from the 1st of January 2016. After fulfilling the financial conditions below (the amount of…
All electronic mailboxes were originally scheduled for automatic activation on 1 January 2017 and authorities were to send all official documents to companies using the electronic mailboxes as well. However, the date of mandatory activation for legal entities with registered office in Slovakia that are not registered in the Commercial Code was changed vis-a-vis mandatory…
The new Act on the Register of Public Sector Partners approved the text of the law 173 (Anti-Dummy Corporation Act) from the Ministry of Justice seeks to add greater transparency to transactions between the state and private sector companies and was approved by the Slovak parliament on 25 October 2016. The new Act on the…
The Slovak parliament approved an amendment to Act No. 461/2003 Coll. on Social Insurance as amended (“Social Insurance Act”) on 11 October 2016, which introduces several important changes. The primary change effective 1 January 2017 is an increase in the amount of the assessment base from 5-times to 7-times the average monthly wages, from 4,290…
Starting on 1 August 2016, Act 305/2013 Coll. on e-government requires all legal entities to have electronic mailboxes created on www.slovensko.sk automatically activated for delivery. Activating an electronic mailbox enables public authorities to use it for electronic transmission. The entire process for a legal entity to activate an electronic mailbox has been gradual and there…
On 1 January 2017, Council Implementing Regulation No 1042/2013 VAT to be charged for property-related services enters into effect regarding the chargeability of VAT for property-related services. The Implementing Regulation was approved in 2013, but only comes into force on 1 January 2017 because of the need for sufficient time to harmonise approaches among the…