In the current issue of Tax & Legal News we would like to draw your attention to the following highlights:
What brings the amendment to the Slovak VAT Act?
An amendment to the Slovak VAT Act became effective bringing new obligation for Slovak VAT payers to announce to the Financial Directorate by 30 November 2021 all own bank accounts kept by providers of payment services in Slovakia as well as abroad (to be) used for the economic activity in Slovakia. Non-fulfilment of this obligation will be subject to penalties.
Overview of the most interesting changes brought by the amendment to the Tax Code
An amendment to the Tax Code was published in the Collection of Laws. The aim of the amendment is to create new tools which can be used in the fight against tax fraud and to motivate taxpayers to voluntarily meet their tax obligations.
Cancellation and reissuance of an invoice does not have any impact on the VAT refund period
The Court of Justice of the EU (CJEU) released judgement C‑80/20 Wilo Salmson France, dealing with the impact of correction and reissuance of an invoice on the input VAT deduction.
G20 Finance Ministers have agreed on new international taxation
On 8 October 2021, under the auspices of the OECD/G20, 137 countries (including Slovakia), have finally agreed to introduce a global minimum tax. The two-pillar framework is designed to address the tax problems arising from the digitalization of the economy. The new mechanism will primarily affect tech giants
