Short amendments to laws

Other recent significant changes in the field of tax and accounting include the following:

• From 1 June 2024, the approved amendment to Act No. 431/2002 Coll., on Accounting, which transposes the Directive of the European Parliament and of the Council (EU) on corporate sustainability reporting (ESG), takes effect. The main objective is to improve the quality of information disclosed in the annual reports of selected entities regarding their environmental, social and governance impacts (sustainability information). Annual reports of the selected entities will have a uniform electronic reporting format in line with European standards and with the obligation of uniform assurance of this information by an independent party (auditor). Due to inflation, the amendment also increases the size criteria (amount of assets, net turnover) defining individual size categories of entities, thus allowing entities to use a modified amount of these criteria and not be subject to the stricter requirements that apply to larger entities.

• The Ministry of Labour, Social Affairs and Family of the Slovak Republic has proposed an amendment to Act No. 663/2007 Coll., on the Minimum Wage, which amends and supplements Act No. 283/2002 Coll., on Travel Reimbursements, with effect from 1 November 2024 and 1 January 2025. It proposes, as with the minimum wage, to inform about the increase in the amount of reimbursement for the use of a motor vehicle during a business trip, meal allowance and basic reimbursement by publishing a notice in the Collection of Laws of the Slovak Republic in advance. It is proposed to clarify the legal regulation of the use of an employee’s motor vehicle on a business trip when proving and reimbursing fuel expenses and to introduce special rules for electric vehicles or vehicles with other alternative propulsion systems.

• The draft amendment to Act No. 359/2015 Coll., on the Automatic Exchange of Information on Financial Accounts for the Purposes of Tax Administration, is intended to transpose Council Directive No. 2011/2226 amending the DAC8 Directive. The main purpose of the amendment to the Act is to introduce an obligation for providers of crypto-asset services to notify the Financial Administration of the Slovak Republic of information on crypto-assets used for payment and investment purposes. It is also to ensure compliance with the OECD global standard for the exchange of information on financial accounts. It is thus proposed to extend the scope of application of the automatic exchange of information on financial accounts to also cover central banks’ electronic money and digital currencies, in line with the update of the Common Reporting Standard (CRS).

• With effect from 1 April 2024, a transitional provision of Section 52zzza has been added to Act No. 595/2003 Coll., on Income Tax. This provision regulates the method of depreciation of buildings following the introduction of the concept of “Set of Buildings” in the Construction Act. For such buildings that are part of a Set of Buildings forming a single functional unit, if the construction procedure has started by 31 March 2025 at the latest, they are classified in the depreciation group separately.

• The Ministry of Finance of the Slovak Republic has published Measure No. MF/005391/2024-74 amending and supplementing the measure on accounting procedures and the framework chart of accounts for entrepreneurs accounting in the double-entry bookkeeping system (hereinafter referred to as the “Measure”). The Measure has been issued following the Act on the Conversion of Companies and Cooperatives and the amended Accounting Act. In particular, the changes relate to the newly introduced legislative concept of “conversion”, the accounting treatment of a successor entity and the new institution of spin-off. The Measure took effect on 15 March 2024.