November 28, 2021

Beyond Going Long

Complete UK News World

Bank accounts for VAT payers will be available on the Financial Management website soon

Bank accounts for VAT payers will be available on the Financial Management website soon

  • All VAT payers as of November 15, 2021 must notify the Tax Office by November 30, 2021 of the bank account used for the business and any subsequent changes.
  • Entrepreneurs who start paying VAT after November 15 must notify the taxpayer’s bank account “immediately”.
  • Failure to notify the account may result in a fine.
  • A refund of the excess debit will be possible from January 1, 2021 to a registered bank account only.

While the Ministry of Economy boasts that it is preparing another package that includes 207 measures to reduce unnecessary bureaucracy in business, another ministry has prepared legislation that will bring new administrative burdens to entrepreneurs.

Since 2020, it has been reported that entrepreneurs are obligated to report the number of accounts in banks in which they have business income when registering with the tax office. They also waived the obligation to notify the tax office of changes to their commercial bank accounts.

As of November 15, that commitment is back, only in a different “coat.” It was renewed by the Ministry of Finance in an amendment to the tax law. Parliament approved it on October 27, and the amendment awaits the president’s signature. In addition to other laws, it has also amended the value-added tax law.

Offered to new and existing VAT payers, of whom there are 207,140 in Slovakia, as of November 15

You need at least a standard subscription to read.