November 28, 2021

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Companies have only two weeks to report their business accounts

Companies have only two weeks to report their business accounts

Slovak companies that pay VAT must report all their bank accounts used for doing business in Slovakia to the Financial Department by the end of November this year. This comes as a result of the amendment of the Tax Code, which has already entered into force by its publication in the Compilation of Laws. They only have two weeks to do their homework.

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Through the mailbox in the financial portal

Existing companies Registered on November 15, 2021 as VAT payers (VAT) must not be later than Tuesday 30 November 2021 Inform the financial department of all your bank accounts Used to work in Slovakia. This commitment Relate to exactly 207.140 VAT payers.

Financial report Sends companies a pre-filled form in their mailbox on the Financial Management Portal With bank accounts he has already registered. Companies then need this form Updated and sent through the financial management portal.

The project owner is obligated to notify the changes

The financial report confirms in the published instructions that every change in the account is The entrepreneur is obliged to report via the financial report form on the day this happened. If a business chooses to use the old, previously unused VAT account, He must inform the Financial Department of this fact before using it for commercial purposes.

Companies that register as VAT payers as of November 16, 2021 are Report mandatory accounts used for business on the day they become a VAT payeror when setting up the account.

Criticism of the new country scale

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The new measure from the state was also met with criticism. “Although the country’s efforts to combat value-added tax evasion are certainly appreciated, I am convinced of it Increasing the additional administrative burden on taxpayers is not the right way to go. The approved modification does not bring long-awaited solutions to improve the business environment in Slovakia, but, on the contrary, makes business more difficult. At the same time, in most cases, the financial department already has information on bank accountsThe tax director of the consulting firm Grant Thornton Ľubomíra Murgašová is evaluating the impact of this measure.

Checking accounts payable will cause problems

The amendment is also effective as of January 1, 2022 Obligation to check the bank accounts of their suppliers in the list of financial management before making each payment.

This represents a change A much bigger problem for the business community. Entrepreneurs will be able to make payment to the officially declared account according to the financial management website. If the company pays VAT to an off-list account, it is exposed to the risk of VAT liability.

There is a risk that entrepreneurs will not be able to prepare

VAT payers have a very short time to prepare for this change – less than two months. This is a huge administrative burden, which in large companies cannot be solved by human labor, but only by the use of automation.

“There is a real risk that large companies in particular will not be able to set up and deploy an automated account verification solution.” by January 1, 2022. It will be appropriate to consider shifting the effectiveness of this part of the adjustment, so that entrepreneurs can realistically prepare for this new commitment, ”adds Ľ. Morgachova.

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