Accounting News - December 2019 | 03

Accounting News - December 2019 | 03

Amendments to the Commercial Code and the Act on Accounting in October 2019

Ivana Mazániková

Partner, Audit

KPMG na Slovensku

Účtovné aktuality

On 22 October 2019, the National Council of the Slovak Republic approved an amendment to Act No. 513/1991 Coll. Commercial Code as amended (hereafter referred to as the “Commercial Code”) and related changes to many other laws, including, inter alia, Act No. 431/2002 Coll. on Accounting as amended (hereafter referred to as the “Act on Accounting”), by means of Act No. 390/2019 Coll.

Some of these changes will enter into force on 1 January 2020; others on 1 October 2020.

According to the Explanatory Statement regarding these amendments, the purpose of these changes is primarily as follows:

  • to improve the functioning of the Commercial Register, in particular by means of:
    • a change in the list of entities for which it is mandatory to be registered in the Commercial Register,
    • elimination of the paper form of applications for registration of data in the Commercial Register and introduction of the requirement to file applications solely in electronic form,
    • deletion of the registered entities that have not fulfilled their statutory obligations with respect to the Commercial Register and other state authorities for a long time (so-called inactive or dormant companies; companies which have not yet translated the nominal values of their contributions and share capital to the euro currency; companies breaching the obligation to create or supplement a reserve fund; companies defaulting on the obligation to file their financial statements in the Collection of Deeds and/or in the Register of Financial Statements; etc.); this is intended to “cleanse” the Commercial Register, 
    • exclusion of the possibility of voluntary registration of a sole trader in the Commercial Register,
    • to update the registered data on enterprises of foreign legal entities and branches of foreign legal entities in the Commercial Register,
  • to streamline the process of liquidation of companies and cooperatives.

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