From 1.1.2025 the new Act No. 279/2024 Coll. on the tax on financial transactions came to force. The first tax period is April 2025.
Who is affected by the tax?
The taxpayer is a natural person-entrepreneur or a legal person who has a registered office/place of business in Slovakia, a payment account with a Slovak payment service provider or carries out an activity in Slovakia (e.g. acquires goods).
When does a taxpayer become a tax payer?
In most cases, the tax payer is the payment service provider with its registered office or place of business in Slovakia, but the taxpayer may also become the tax payer.
A taxpayer becomes a tax payer if:
- Uses a transaction account held with a provider abroad in connection with business activities in Slovakia,
- He is recharged for costs related to the execution of a financial transaction which relates to the taxpayer’s activity carried out in the country,
- Carries out financial transactions on a non-transaction account (e.g. pays business-related invoices from a private account).
What are the tax payer’s obligations?
The tax payer is required to calculate the tax, collect it from the taxpayer and remit the tax so collected to the tax authorities, as well as submit a tax notice to the tax authorities.
If the taxpayer’s financial transaction tax is not collected by a payment institution on the taxpayer’s behalf, the taxpayer is obliged to calculate and pay the tax himself.
The tax payer is also obliged to keep tax records according to the individual tax periods and to keep them at least until the expiry of the period for the termination of the right to levy tax and to deliver them to the tax administrator upon request.
The tax payer is responsible for the correctness of the calculation, collection and the payment of the tax.
How can Kreston help?
- Setting up a new transaction scheme in order to optimize the tax burden individually for the client;
- Preparation of the Notice and tax records in the case of the tax payer;
- Advice on an ad-hoc basis on financial transaction tax;
- Automated tool to calculate tax and prepare Notices, for foreign accounts and recharged expenses;
- Advice on setting up economic and banking systems.
Are you unclear about the financial transaction tax? Contact our experts!
