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Asset used also for personal needs in Slovakia | News Flash

30 Dec 2014

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income tax

As of 1.1.2015 the Amendment to the Income Tax Act we already informed you about will become effective. We would like to draw your attention to the one of the most important changes introduced by the amendment in the area of assets used also for personal needs.

Starting from 1.1.2015 the conditions for applying of tax deductable costs concerning acquisition, technical improvement, operation and repair costs regarding assets will be more complicated.

A tax deductable cost in amount of 100 % will be applicable only in case of those assets, if the taxpayer is able to prove, that the assets are used solely for business purposes (for generating of taxable incomes). Otherwise it will be possible to apply the tax deductable cost only in amount of 80 % of the cost. It will be possible to apply also different percentage of the tax deductable cost, in case it is possible to prove that the other percentage corresponds better to the real usage of the asset for business purposes.

This new provision concerns long term assets, as well as small assets and inventories.

It does not concern assets used solely for private purposes, immovable property and vehicles, which are used for private purposes of employees, if this private usage of vehicles is subject of personal income tax of the employees (generally 1 % of the acquisition price of the vehicle).

 

Contact:
Miloslav Jošt
Senior Tax Consultant
+421 2 325 53 000
miloslav.jost@accace.com 

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About Accace

Originally established in Central and Eastern Europe in 2006, Accace ranks among the leading outsourcing and consultancy providers in the region. Engaging over 600 experts, we have vast experience with handling small to large scale, multi-country outsourcing projects and providing a comprehensive range of our services to over 2,000 customers.

About Accace Circle

Accace operates internationally as Accace Circle, a co-created business community of like-minded BPO providers and advisors who deliver outstanding services with elevated customer experience. Covering almost 40 jurisdictions with over 2,000 professionals, we support more than 10,000 customers, mostly mid-size and international Fortune 500 companies from various sectors, and process at least 170,000 pay slips globally.

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