In the current issue of Tax & Legal News we would like to draw your attention to the following highlights:

Private foundations: New options for managing a private assets

The new instrument for managing assets should enable to establish so-called private foundations, through which it will be possible to financially support the family and close relatives as well as other private purposes. The draft amendment is currently undergoing the inter-governmental review process.

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The Social Insurance Agency will apply a general pardon to debtors

In the period from 1 February 2023 to 31 August 2023, the Social Insurance Agency will forgive debtors the late payment penalty under certain conditions.

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How should the financial contribution for accommodating Ukrainian refugees be treated?

With the approaching tax filing deadline, taxpayers’ practical questions increase every year. One of them is the question regarding taxation of financial contribution for providing accommodation to Ukrainian citizens. Does this financial contribution constitute taxable income?

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Changes in wage allowances from June 2023

An employee working overtime is entitled to extra-pay increases for work on holidays, work performed during the weekend or night work since 1 June 2023. We have prepared an overview of the relevant wage benefits.

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Conversions of companies and cooperatives

On 13 January 2023, the Ministry of Justice of the Slovak Republic submitted to the legislation process a draft act on the conversions of companies and cooperatives and on amendments and supplements to certain acts (hereinafter as "Draft Act").

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EU Minimum Tax Directive adopted by the Council

A new EU Council Directive on global minimum level of taxation for multinational enterprise groups and large-scale domestic groups in the Union (the so-called Pillar Two) should transpose the rules into local law by 31 December 2023.

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One sentence summary | March 2023

  • The Financial Administration in cooperation with the State Treasury offer taxpayers the ability to pay their taxes and administrative fees online using a credit card. More information can be found at this link.
  • The amendment to the Income Tax Act extends deductible expenses for employers to include expenses incurred for the operation of their own nurseries and kindergartens.
  • The Financial Administration has prepared a specialised section with useful information on tax obligations for Ukrainians. It will also gradually publish information materials in the Ukrainian language.

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The latest additions on EU blacklist

Following latest February update, four countries were added to the European Union’s blacklist.

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Do not forget to file
the income tax returns

The filing deadline for income tax returns for 2022 and paying the respective tax is 31 March 2023.

Taxpayers may extend the statutory deadline up to three calendar months by filing of the respective announcement with the Tax Authorities and up to six calendar months if the taxpayer declares the foreign sourced income.