Slovak Republic: Regulation regarding binding rulings has published
The Ministry of Finance published Regulation No. 229/2014 that gives the tax aspects for which binding rulings may be issued and this regulation came into effect from September 1, 2014. On the basis of the regulation, binding rulings can be issued
See MoreSlovak Republic: New guidance regarding transfer pricing documentation has been published
The Ministry of Finance has published new guidance on the contents of transfer pricing documentation (TPD) on August 20, 2014 that requires changes for most taxpayers. This alert summarizes the transfer pricing legislative developments as well as
See MoreSlovak Republic: Proposals on transfer pricing and thin capitalization
A draft amendment to income tax law in Slovakia contains provisions regarding changes to the rules for transfer pricing and thin capitalization. The amendment was accepted on August 2014, and if enacted, the changes usually would have an effective
See MoreSlovak Republic: Amendments to the VAT Act
The president of Slovak Republic has signed the law on July 25, 2014 regarding changes to the Value Added Tax Act and this law will enter into force with effect from January 1,
See MoreSlovak Republic – Amendments in VAT procedure under consideration
Draft amendments to the Slovak value added tax (VAT) law would give the following procedural changes: When claims are filed during the course of a tax examination, with the revised rules to allow a partial repayment based on already audited
See MoreSlovak Republic: Amendments to the VAT Act
The VAT act amendments would generally apply with effect from January 1, 2015. The main changes are given below: The place of supply of telecommunication, broadcasting and electronic services provides to non-taxable persons. The special scheme
See MorePoland-Slovak Republic DTT protocol enters into force
The Poland - Slovak Republic Income and Capital Tax Treaty (1994) protocol will enter into force on August 1, 2014 and it generally applies from January 1,
See MoreSlovak Republic: VAT changes approved
The parliament of Slovak Republic has accepted some changes to the VAT Act: VAT rate increase to 20% and will be established for the long term The submission deadline for the recapitulative filings is from 20 days to 25 days. If annual sales of
See MoreSlovak Republic: New improvements in Transfer Pricing
The Financial Directorate in Slovak Republic has issued a methodological guideline on the application of transfer pricing methods. According to the changes to the OECD Transfer Pricing Guidelines in July 2010, the amendment to the ITA has abolished
See MoreKuwait-Slovak Republic DTT details
Details of the Kuwait - Slovak Republic Income Tax Treaty (2012) have become available which was signed on November 13, 2012. The treaty was in the Slovak, Arabic and English languages. It generally follows the UN Model (2001). Based on the treaty,
See MoreIMF alerts Slovak Republic on VAT rate cut
Slovakia has increased its VAT rate from 19% to 20% in 2011. IMF has warned that reducing the rate back to 19% would expense 0.3% GDP in tax takes for the country. As the economic picture has enhanced slightly, many countries have started to think
See MoreSlovak Republic: IMF advises to keep current VAT rate
International Monetary Fund’s (IMF) advice to Slovakia to preserve the 20% VAT rate and focus more on boosting state revenues rather than further cutting of expenses. The IMF assumes that the plan to reduce VAT to 19 % would responsible for 0.3%
See MoreSlovak Republic: Thin capitalization rules has considered related-party debt
The Ministry of Finance is currently considering the chance of re-initiating thin capitalization rules into Slovak tax law. With the help of an internal document the Ministry of Finance highlights that low capitalization expresses an effective tax
See MoreSlovak Republic: plans to raise its tax revenue by 0.3% of GDP in 2014
Slovak Republic has planned to raise its tax revenue in 2014 than previous year forecast. The government forecast to collect 189 million Euros ($259 million) or about 0.3 percent of GDP which is more than it forecast in the budget as the government
See MoreSlovakia – Reduced corporate income tax rate
Slovakia’s Parliament has reduced the corporate income tax rate from 23% to 22% with effect from 1 January 2014. The reduced corporate income tax rate is effective for tax periods beginning after 31 December 2013. This change affects both the
See MoreSlovakia: Corporate tax rate reduction, international tax rules changed
The Finance and Budget Committee of the National Council of the Slovak Republic recently proposed some changes to the Slovak Income Tax Act. The proposed changes cover reduction in the corporate income tax rate, carry forward of tax losses, transfer
See MoreGuernsey Signs TIEAs with Gibraltar and Slovakia
Guernsey's Chief Minister signed a Tax Information Exchange Agreement with his Gibraltar counterpart, on October 22, 2013. The agreement demonstrates that post-G8 Guernsey has maintained its momentum on greater tax transparency. The agreement was
See MoreSlovak Republic: Changes to Tax Procedure Code
On the basis of the recent amendments to the Tax Procedure Code, new rules related to the communication and submission of documents to the tax authorities will be applicable in the Slovak Republic and this will be effective from January 1, 2014. By
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