Two separate amendments to the Commercial Code have brought new corporate arrangements in an effort to promote doing business in Slovakia: Simple joint-stock company and Joint-stock company with variable capital. Simple joint-stock companies can be formed starting 1 January 2017 and would be especially suitable for start-ups, while investment funds with variable equity would be…
When are the foreign VAT payers are required to register? Foreign VAT payers are required to register in Slovakia under Sec. 5 of the VAT Act as well as if they are paid for construction or engineering work done in Slovakia or are supplied goods with installation and mounting in Slovakia by another foreign entity…
On 1 May 2016, the new Union Customs Code (Regulation of the European Parliament and the Council No 952/2013) and Commission Delegated Regulation No 2015/2446 came into force alongside Commission Implementing Regulation No 2015/2447, which together form the new foundation for customs law applicable throughout the EU. The amended law’s main objective is mainly to…
Act 222/2004 on value added tax, as amended (the VAT Act) imposes certain duties on non-VAT payers. Even if not liable to pay VAT, businesses should still be monitoring their revenues to know whether they have exceeded the threshold for mandatory VAT registration. Unless a business has been paying attention to its accounting during the…
At first glance it often seems a change in a shareholder’s address, name or amount of registered capital is something trivial. But this would be far from the truth. Section 5 (5) of Act 530/2003 Coll. on the Commercial Register, as amended, requires individuals entered in the Commercial Register and individuals empowered to act on…
Effective 1 January 2015, the Income Tax Act no longer contains specific provisions on the assignment of leases when depreciating tangible assets acquired through finance leasing. The Income Tax Act was amended to treat “assignment” of leases after 1 January 2015 as if tangible assets were being purchased and sold. To fulfil the legal conditions…
After long political discussions, the Czech Republic has adopted a law on the electronic records of sales (EET) in April 2016. The State receives immediate information about all cash transactions of entrepreneurs. Is the risk of potential misuse of such information and benefits of fair tax collection really outweighed? Are these initiatives, along with international…
In Austria, companies that exceed a certain amount of sales have to use a cash register from the beginning of May, 2016. The following article gives a detailed overview of the situation. There were, and still are, long discussions about the obligations of the introduction of cash registers in Austria. Some small entrepreneurs even filed…
With effect from 1 January 2012 entrepreneurs who sell goods or provide specified services and meet the statutory conditions are obliged to use electronic cash registers with fiscal module. Entrepreneurs residing in the Slovak republic or entrepreneurs with the headquarter outside the territory of the Slovak Republic but selling goods or services in Slovakia, are…
Investment Aid Opportunities for Projects Investment aid – provided under Act 561/2007 Coll. on Investment Aid, amending certain acts, as amended Sector: Manufacturing (according to SK NACE) Technological centres Strategic services centres Tourism Forms of investment aid: Grants for non-current tangible and intangible assets, tax relief, contributions toward the creation of new jobs, transfers/exchanges of…