- Fighting tax fraud and tax evasion – Plans, Commitments and Actions
- VAT: the main weapon against fraud
- EU to combat tax evasion
- Is the exercise of a lien on shares (im)possible?
- The day after tomorrow
- Taxes and competitiveness: are they “joined vessels”?
- Red alert! Inbound income tax changes!
- Amendment of the Income Tax Act as of 1.1.2013
- Itchy VAT law: can it be soothed by E-Archiving?
- Slovak transfer pricing rules: inconsistent with EU law?
- CFOs want new recruits to be complete finance professionals
- What would a man do differently?
- European resources for micro and medium-sized enterprises
- Personal liabilities in a corporate context
- R&D Aid in Slovakia
- Financial transaction tax: not just for banks
Taxes, Banking and Finance
Letter to members by Peter Kažimír, Minister of Finance of the Slovak Republic
Tax fraud and tax evasion negatively affect all areas of the social and economic environment. The distortion of competition is the consequence of unfair competitive advantages for some taxpayers arising from tax fraud. The striking impact of tax fraud is reflected in decreasing state revenues resulting in a failure of state to perform tasks in the field of defence, security, health care, social security, education, research and development.
Prepared by AmCham member: DLA PIPER
As of October 1, 2012, the amendment to the VAT Act (hereinafter referred to as the “VAT Act Amendment”) introduced new measures for the elimination of tax evasion and other fraudulent activities. At the same time, as of January 1, 2013, the VAT Act implemented EU directives which, inter alia, provide new invoicing rules to ensure the equal treatment of both physical and electronic invoices.
Prepared by AmCham member: BMB Leitner
During the last several years, which were marked by fiscal consolidation efforts, the prevention of tax fraud and tax evasion has become a hot topic across the wider European Union (EU) including Slovakia.
Prepared by AmCham member: bnt attorneysat-law
Since 1 October 2012, shareholders in limited liability companies have had a new obligation. Slovak natural and legal persons must file a consent form from the tax administrator when registering transfers of majority shares with the Company Register. Consent can only be obtained by persons with no tax arrears. This is meant to prevent excessive VAT deductions and improve payment discipline on the part of Slovak natural and legal persons. The duty does not apply to foreign persons.
Prepared by AmCham member: CSOB
Employment keeps on going down to dramatic numbers, non-motivated and underpaid teachers (not believing in our teachers, I cannot explain that to my children), an insufficient state budget to slash government deficit below 3% of GDP, economists downgrading Slovak growth estimates, and, above all, leaders who seem to be non-directive in what to do with Slovakia. I seem to enter Slovakia in challenging times. Understatement.
Prepared by AmCham member: Lugera & Makler
“In this world nothing can be said to be certain, except death and taxes.” (Benjamin Franklin, 1789) A rather sardonic proverb, yet still very true. Since then nothing much has changed. It basically means that we cannot divert the inevitability of paying taxes, nor may we take their amount for granted, as we may might have observed in the latest changes of to our tax legislation.
Prepared by AmCham member: Accace
What follows is a brief outline of the major changes that have been introduced in 2013 by the Amendment to the Act on Income Tax, and have negative impact on the Slovak tax payer:
Prepared by AmCham member: IB Grant Thornton Consulting
We would like to bring you an overview of the most important changes in the field of income tax, including examples showing tax impact as of 2013.
Prepared by AmCham member: BDO Tax
Although VAT is considered a minor issue for financial institutions, the VAT law can be an unpleasant burden as it presents problematic obligations. Recently there have been several positive developments in this area. Let’s have a look at the most important changes.
Prepared by AmCham member: Dentons Europe CS LLP
In this article, I briefly analyze a potential inconsistency between the transfer pricing rules as defined by Slovak Income Tax Act and principles of law of the European Union (EU), in particular the freedom of establishment stated in Article 49 of the Treaty on the Functioning of the European Union (TFEU) and the freedom to provide services pursuant to Article 56 of TFEU.
Prepared by AmCham member: ACCA
The need for finance staff to have a broad range of skills and expertise throughout the finance value chain is of prime importance to CFOs. Traditional career routes within the finance function are changing – we are seeing new types of finance roles in shared services or global business service operations.
Prepared by AmCham member: ACCA
What can facilitate the path to the top of the corporation for women? A range of capabilities and competencies such as knowledge, motivation and networks are needed by all individuals aiming for a top-level position. What makes the success story of Slovak top finance women?
Prepared by AmCham member: Centire
The European Commission and the European Investment Fund have launched a new form of financing using EU Structural Funds. Everything you need to know about the JEREMIE initiative and how it can help your small or medium enterprise is in the following article.
Prepared by AmCham member: Squire Sanders
In the amendment to the Act on Bankruptcy and Restructuring 1 No. 348/2011 Coll. (“Amendment”), important changes have been made to bankruptcy law that regulates those areas which in practice have proven to be problematic or ineffective. This article demonstrates the need to deepen legal and economic supervision by statutory bodies, their members, liquidators of companies, and statutory representatives of companies resulting from the new legal regulations regarding bankruptcy proceedings, which came into force as of January 1, 2013.
Prepared by AmCham member: KPMG
One of Slovakia’s targets for 2020 (under Europe 2020) is to increase R&D expenditure from 0.63% of GDP in 2010, to 1% by 2020. One of the tools needed to achieve this ambitious goal is to stimulate investment in the R&D sector. This article provides you with a short overview of some of the options.
Prepared by AmCham member: Deloitte
On February 14, 2013, the European Commission adopted a proposal for a Council Directive implementing enhanced cooperation in the area of Financial Transaction Tax (FTT). This proposal reflects the objectives of the original FTT proposal of September 2011, which previously failed to reach unanimous agreement by all 27 Member States. Nonetheless, eleven Member States (Belgium, Germany, Estonia, Greece, Spain, France, Italy, Austria, Portugal, Slovenia and Slovakia) – the FTT zone – expressed a strong willingness to implement the FTT, and as of January 1, 2014, will have a green light.