On 16 March 2020, the Slovak Ministry of finance and the Slovak Ministry of economy introduced next measures, which should ease the impact of the coronavirus crisis on the economy. They cover also tax measures and health insurance and social insurance contribution measures. Below we state them as they were published on the webpage of the Slovak Ministry of finance.
We will keep you informed about further development of these measures.
- Introduction of systematic support of business investments to fixed assets – “tax super deduction” and accelerated depreciation.
- Amendments of rules for tax loss deduction
- Extension of filing deadline for tax returns for all taxpayers from 31 March to 30 June 2020, and this also in the case that the tax return was filed within the standard statutory deadline. Extension of deadline for VAT liability payments. Exemption from penalties for late payments.
- Temporary abolishment of social insurance and health insurance contributions for self-entrepreneurs over three months (March, April, May), while these contributions should thereafter be split to 18 months.
- Exemption of wage payments to employees from social insurance and health insurance charges and income tax.
Apart from the proposed changes we would like to draw your attention also to the current legal instruments that can be used by the taxpayers, e.g.:
- Extension of the deadline for filing of the income tax return by maximum 3 months (in specific cases by maximum 6 months) through filing of a notification in that matter;
- Possibility to ask tax authority to determine new amount of income tax advances, if the taxpayer expects decrease in their taxable profits;
- Possibility to ask tax administrator in some cases to release the missed deadline.