AmCham Slovakia

If it appreciates, buy it; If it depreciates, finance it.

(by Patrik Tomeš)

Prepared by AmCham member: CSI Leasing, Inc.

In the past, companies used to buy their assets (cars, buildings, IT equipment) almost exclusively using their own resources. Recently, however, managers in many companies have realized that the main benefit is in the use of these assets and not their ownership. As a result, many companies have started to use financial leasing and operating leasing in addition to cash purchase.

Understanding a lease termination

(by Patrik Tomeš)

Prepared by AmCham member: Ružička Csekes s.r.o.

The Act No. 116/1990 Coll. on the Lease and Sublease of Nonresidential Premises as amended (hereinafter as “Act on lease and sublease”) as lex specialis to general regulation enacted in the Slovak Civil Code stipulates an essential list of forms and grounds based on which leases of non-residential premises can be terminated. In addition to statutory regulations, the parties can agree on other specific conditions with regard to the principle of contractual freedom as described below.

Maximize real estate

(by Patrik Tomeš)

Prepared by AmCham member: STEELCASE

Not just shrinking – rethinking. The average workstation footprint has been getting smaller over the last few years in response to the new world in which we work. There exists more mobility, more collective work, increasing use of group spaces.

Jake Slegers leads AmChams in Europe

(by Patrik Tomeš)

The Executive Director of AmCham Slovakia, Jake Slegers, was recently elected as chair of AmChams in Europe (ACE), the umbrella organization overseeing all AmChams operating in Europe. His two year term began on January 1, 2012.

Do real estate investments still pay off?

(by Patrik Tomeš)

Prepared by AmCham member: BMB Leitner

Even though one might not find the size of the tax burden among the key factors to be considered when making a decision about real estate investments, it is definitely a significant issue that developers and investors take into consideration when making decisions, regardless of the phase of their project.

Common clauses and stipulations in loan agreements

(by Patrik Tomeš)

Prepared by AmCham member: bnt - Sovova Chudáčková & Partner

The aim of this article is to explain some common clauses and stipulations in loan agreements underlying financial transactions. Without prejudice to common characteristics of the clauses as described below, the parties should check the wording of each particular clause before concluding a contract. In addition, the clauses may lead to different legal consequences under each underlying jurisdiction.

Joint real property: problems and issues

(by Patrik Tomeš)

Prepared by AmCham member: Čarnogurský ULC s.r.o.

The right to own property is one of the fundamental rights guaranteed directly by the Constitution, while the ownership right of all owners has the same legal content and protection.  The ownership of real property enjoys increased protection and requires that all documents related to it are executed in writing. The situation may be complicated when the real property is owned by several entities, specifically, as marital property or divided co-ownership.

Taxing immovable assets in Slovakia

(by Patrik Tomeš)

Prepared by AmCham member: IB Grant Thornton Consulting 

The Slovak Income Tax Act provides favorable conditions for investors. The tax regime of long-term tangible assets is characterized by short depreciation periods, especially with regard to financial lease. The following article gives an overview of accounting and tax treatment of immovable assets.

Changes in the real estate law

(by Patrik Tomeš)

Prepared by AmCham member: Squire Sanders

The long awaited amendment to the Criminal Code, which includes provisions for real estate, should put an end to construction without permits. The legislation is committed to sending those who build without permits to jail, but does it deal with the issue effectively? Squire Sanders provides an insight.

Recent changes to Slovak insolvency legislation

(by Patrik Tomeš)

Prepared by AmCham member: Allen & Overy

On January 1, 2012, an amendment to the Bankruptcy Act was enacted. The amendment will significantly alter the dynamics of, and the relationships among the parties to, insolvency proceedings. One particular group that should brace for some major interference in its rights, both positive and negative, is the creditors.

Unisex insurance

(by Patrik Tomeš)

Prepared by AmCham member: Deloitte

At the end of last year, the European Commission issued its long-awaited opinion on the introduction of uniform insurance premium rates for men and women. In this document, the Commission seeks to clarify some open issues, such as to which contracts the rate unification will apply or in which circumstances insurance companies are able to collect and use gender information for internal purposes.

Economic crisis and banking regulation

(by Patrik Tomeš)

Prepared by AmCham member: KPMG

It is now very probable that the economic crisis will last longer and have a much more substantial impact than predicted several months ago. What started as a sub-prime lending crisis in the United States has now become sovereign debt crisis. Under such circumstances, attempts to stabilize the banking sector may come at a cost not only to banks, but to the economy as a whole.

Look what the cat dragged in…FATCA

(by Patrik Tomeš)

Prepared by AmCham member: PwC

The Foreign Account Tax Compliance Act (“FATCA”) was enacted into law in March 2010 by the U.S. Congress in response to the continued perception that American individuals are not reporting all of their income earned outside the United States, either due to lax standards or  the intentional actions of certain foreign entities. The act will continue to add to the regulatory burden that foreign financial institutions will have to bear in 2012 and beyond.

AmCham designates 2012 as “Year of Education”

(by Patrik Tomeš)

Letter to members by Igor Kottman, President of AmCham Slovakia 

Dear AmCham members,
Firstly, I would like to wish you all the best in 2012 – both in your personal as well as
professional lives, and I certainly hope it will be again a very productive and effective
year reaffirming AmCham as a very solid partner for all its stakeholders.