The Slovak Republic’s Ministry of Finance has launched a public consultation on the draft bill No. LP/2024/645 on 25 November 2024. This proposed amendment to the Act on the Automatic Exchange of Information on Financial Accounts for Tax Administration, along with related laws, aim to incorporate the provisions of the Amending Directive to the 2011 Directive on Administrative Cooperation (2023/2226) (DAC8).
The consultation is set to conclude on 13 December 2024.
The changes are set to take effect on 1 January 2026.
The draft bill requires crypto asset service providers to report payment and investment related crypto asset information to tax authorities which will exchange the information with EU Member States and contracting states. This automatic financial account exchange will expand to include electronic money and digital currencies of central banks under the updated OECD’s Common Reporting Standard (CRS) for financial account information.
The tax information exchange deadline aligns with the financial account data exchange deadline. The information exchanges between tax authorities should occur within 9 months after the period ends.
The initial reporting period for submitting information will commence on 1 January 2026.
For the draft bill to become law, it must require parliamentary and presidential approval and be officially published in the Laws Collection.
