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| The transaction tax has serious flaws and needs to be adjusted. |
| Bratislava, 20.02.2025 |
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| Even after several amendments, the Financial Transaction Tax Act still has serious shortcomings that need to be eliminated. Otherwise, there is a risk of application problems in practice, the Slovak Chamber of Tax Advisors (SKDP) warned on Wednesday. It has addressed dozens of comments to the Ministry of Finance (MF) of the Slovak Republic regarding the tax and considers further amendments to the legislation to be necessary.
"The Financial Transaction Tax Act is another sad example of why fundamental legislative measures should not be adopted without thorough preparation and expert discussion. Although the law was already amended in December and further changes were recently adopted together with the Construction Act, all without a broader expert discussion, it still contains serious shortcomings," emphasized SKDP President Miriam Galandová.
The Chamber pointed out, for example, the lack of a clear mechanism for applying exemptions for transactions to which the tax will not apply. Taxable entities are obliged to indicate the account from which payments not subject to this tax are paid, for example, operations related to the management of securities or other financial instruments. The law states that the payer, i.e. the bank, will not withhold transaction tax from movements on such an account. The legislator assumed that other payments of the taxable entity will not be made within this account. "Is a taxable entity therefore obliged to have two accounts? One for payments not subject to tax, the other for other payments?" asks Galandová.
SKDP also considers the absence of a correction mechanism to be a problem in cases where the taxpayer does not know in advance that the transaction carried out by the taxable entity is not subject to tax. "The law also has extraterritorial effects, meaning that it may also apply to operations of foreign entities that are not related to Slovakia at all," added Galandová.
According to her, these are only some of the problems and ambiguities that tax advisors associated with the chamber identified during a detailed analysis of the new legislation. Further adjustments to the transaction tax, which will begin to be collected in April, are necessary to eliminate these shortcomings, according to SKDP.odkaz na stránku |
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Address : Euro-Brew Ltd., Hlboká 22, 917 01 Trnava, Slovakia
Tel. : +421 33 53 418 53, Fax : +421 33 53 418 52, E-mail : info@eurobrew.sk |
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