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The amendment to the financial transactions tax in Slovakia has excluded from the position of taxpayers the following entities: civic associations, non-investment funds, foundations, non-profit organizations, church-affiliated entities, associations of legal entities, research and development entities, organizations with an international element, and the Slovak Red Cross.
To avoid the obligation to pay the financial transaction tax in Slovakia, these organizations must meet two conditions: they must have a specified legal form and have a subject of activity at least one of the activities listed below:
If these entities meet both conditions, they must report this to their banks, including the bank accounts used for public benefit financial transactions.
The bank will determine the method and form of proof and notification. Once the notification is delivered, the bank will cease collecting the financial transaction tax for these entities starting the following day.
A frequent question arises about how these entities should proceed if they engage not only in non-profit activities but also partially in business activities. Should transactions related to business activities be subject to the financial transaction tax? Or should their entire operation be taxed?
The law does not distinguish whether non-profits, civic associations, etc., conduct only non-profit or also business activities. The law specifies as conditions for exemption from the taxpayer group only particular legal forms and activities from the specified list of public-benefit activities. Therefore, if non-profits with the specified activities also engage in business, they will not be subject to the financial transaction tax at all.
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