I. The National Council of the Slovak Republic had its first reading on 26 June 2019 for the approved a parliamentary motion to promulgate the law amending Act No. 222/2004 Coll. on Value Added Tax, as amended (“VAT act”). The draft amendment proposes reducing the VAT rate to 10% on all foodstuffs, with exceptions specified…
The draft amendment to the income tax act modifies several aspects. This newsletter covers the most significant changes including: introduction of the term micro taxpayer and related changes to the taxation of this group of taxpayers Under the draft amendment to the income tax act, the new term micro taxpayer is used to define a…
ACCOUNTING ACT The draft amendment of the accounting act set to take effect on 1 January 2020 primarily involves changes to the conditions under which audits become mandatory for ordinary and extraordinary individual financial statements. The proposal is to increase the financial limit for an accounting unit’s total assets from EUR 1,000,000 to EUR 2,000,000…
QUICK FIXES aim to unify the rules for B2B merchandising in the EU. The Czech Republic has already started the process of implementing EU legislation in relation to QUICK FIXES in the Czech VAT Act. Changes compared to the current regulation will be particularly important in the Czech Republic for handling goods in the call-off…
The Economic and Financial Affairs Council has concretised legal details of chain transactions on 4 December 2018. The new regulations have been approved through so-called “Quick Fixes”. Systematically, the new regulations will be integrated in Article 36a of Directive 2006/112/EC. The new VAT regulations do not concern constellations involving non-member countries: The new rules are…
Largest European VAT reform since 1993 – amendments to call-off stock, chain transactions and intra-Community supplies from 1 January 2020. Following the German Annual Tax Act 2018 (also known as the Tax Act for the Prevention of VAT Revenue Losses from Trading with Goods over the Internet and Amendment of Further Tax Provisions – “Gesetz…
A new EU-wide VAT system to improve cross-border trade in selected areas, the so-called “quick fixes” At the end of 2018, the European Commission approved a proposal for four “VAT quick fixes” which will be effective beginning 1 January 2020, with implications for businesses trading in international goods. Quick fixes were demanded by EU member states…
How should a British trading company operating in Slovakia prepare for BREXIT? Procedure for applying tax refund from Slovakia to UK applicants In April 2019, Financial Administration of the Slovak Republic issued a detailed directive on tax refund procedure for UK applicants before and after the UK’s withdrawal from the EU. The method of applying for tax…
What our company recommends with regard to the hard BREXIT option: If your company procured goods and services from a tax payer from the UK in 2019, we recommend that you apply for tax refund from the UK sufficiently in advance of the UK’s withdrawal from the EU. Check all intragroup business contracts with…
The United Kingdom (hereinafter referred to as the UK) leaving the EU has been a very topical issue at the European level for the last two years. If the UK does not approve the EU withdrawal agreement, or request a prolongation of EU membership, it should be released on 31 October 2019, from the EU…