The essence of transfer pricing is the pricing of goods, services, capital and so on in related party transactions within multinational enterprises to meet the conditions for an independent business relationship or to comply with the so-called “arm’s length principle”. Anyone engaged in financial or business transactions with entities personally, economically or otherwise connected to…
In October 2015, the OECD released the final draft text of all points in the Action Plan on Base Erosion and Profit Shifting (BEPS). Following a series of discussions, the OECD approved Actions 8, 9 and 10 and several amendments to Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations, which come into force when…
Mentálne postihnuté deti a pacienti, ktoré nemajú možnosť počas roka sa zúčastniť hudobných koncertov a podujatí, Bol preto priamo pre nich usporiadaný benefičný koncert, na ktorom aj deti samé aktívne vystúpili so svojím programom. Tešíme sa, že sme mohli aspoň trochu prispieť k výbornej nálade a pocitom, ktoré si tieto deti z tejto akcie odniesli. V budúcnosti určite takýto projekt…
In terms of commercial law, “crisis” constitutes a new concept introduced in an amendment to the Commercial Code on 1 January 2016. A company is said to be “in crisis” when it is insolvent or threatened with insolvency. A company is deemed to be threatened with insolvency if its equity to debt ratio is less…
The Ministry of Finance has submitted legislative amendments for inter-ministerial comment. If the amendments are approved, they will become effective either on 1 January 2017 or 1 January 2018. Income tax Tax rate The main changes being prepared in taxation of income include a clear reduction in the corporate tax rate to 21%, which will…
In the fight against tax evasion, a global problem requiring global solutions, the European Union is responding in connection with its base erosion and profit shifting (BEPS) project with a package of measures to which the Ministry of Finance has already expressed its agreement. In early 2016, the EU introduced the Anti Tax Avoidance Package…
Starting in June 2016, the Slovak Republic Financial Directorate is publishing a more expansive list of tax debtors. While more than 5,200 taxpayers have appeared on the list in the past, new rules will raise that number to more than 80,000. According to new provisions in force since 1 May 2016, the Slovak Republic Financial…
The new Union Customs Code, which entered into force on 1 May 2016, calls for economic operators and customs authorities to communicate with each other electronically. If relevant electronic systems are not yet operating, other means of exchanging and storing information can be used, however, this exemption is available only until 31 December 2020. Any…
Financial institutions (banks, branches of foreign banks, building societies and other entities covered by the Act on automatic exchange of financial account information for the purpose of tax administration and on amendments to certain laws) have been required since 1 January 2016 to determine and report the tax residence of their customers to the Slovak…
Starting on 1 July 2016, the Slovak Republic Financial Directorate has increased the number of receipts VCR users can issue. Where previously only a maximum 1,000 receipts could be issued a month, the limit was raised on 1 July to 3,000 receipts monthly. This new, more advantageous threshold for issued receipts also applies to new…