All companies established in the country are required to submit financial reports as mandated by the Commercial Code of Slovakia. This law requires that companies must submit a yearly financial statement that is certified by an auditor. The accounting standard in Slovakia are patterned after the International Accounting Standards adopted by the European Union. These standards are stipulated under Act No. 513/1991, also known as the Accounting Act of Slovakia. Under this act, all public and private entities must submit financial reports to the Ministry of Finance which is also authorized as the standard setter.
Our Slovak lawyers can inform you further about the Accounting Act. We also work with accountants in Slovakia to offer as many services as possible.
If you are interested in immigration to Slovakia, we have a specialized lawyer who can help you.
|Tax registration support (YES/NO)
YES, our accountant in Slovakia offers support for tax registration to local and foreign companies
VAT registration services (YES/NO)
|YES, we also provide VAT registration services during or after the company registration process is completed
Payroll and HR assistance (YES/NO)
|YES, from HR, payroll and to employment matters, you can rely on specialized assistance from our accountants and lawyers in Slovakia
|Audit services (YES/NO)
We can provide various types of audits from mandatory ones to audits requested by clients for specific purposes
|Bookkeeping services (YES/NO)
YES, we also offer bookkeeping services to
clients in Slovakia
|Financial statement filing services (YES/NO)
YES, using our accounting services in Slovakia has the advantage of complying with financial statement
|Accounting services for foreign companies in Slovakia (YES/NO)
YES, our accountant in Slovakia is at the service of foreign companies operating or seeking to enter the market
|Accreditted accountants availability (YES/NO)
YES, our accountants are accredited by
the Chamber of Auditors
|Personal income tax rate
Personal income tax is levied at 2 rates
– 19% and 25%
|Corporate tax rate
|Standard rate is 21%, however, micro-enterprises are applied a 15% rate
|20% standard rate, 10% and 0% reduced rates
|Access to tax incentives/deductions (YES/NO)
|Slovakia offers tax incentives for industrial activities, tourism, research and development, technology and shared services
|Access to double tax treaties (YES/NO)
|YES, Slovakia has 70 double tax treaties
|Taxation of branch offices
|Slovak branches of foreign companies will pay the standard corporate tax of 21%
|Our accountant in Slovakia also offer support in applying for tax credits and incentives, tax optimization and planning solutions, support for small businesses
Table of Contents
Accounting services available in Slovakia
Our accountant in Slovakia is at the service of local and foreign businesspersons and companies with support in the following matters:
- tax planning and consulting for your business so that you can evaluate your performance and create practical goals;
- audit services for your business, whether required by law or just because you want to check on how your firm is doing;
- bookkeeping services that are essential from the outset of your business in Slovakia;
- payroll services so you won’t have to worry about your employees’ salary or the paperwork needed to pay them;
- financial statement drafting and filing, including VAT return filings for Slovak businesses.
Any business in Slovakia must have an accounting department. Our CPA in Slovakia is available if you require any other services apart from the ones presented above.
Keeping track of accounting documents in Slovakia
The list of records and papers a firm must maintain is provided below to help you better understand the accounting services a Slovak company can use:
- records of all business operations;
- a detailed list of the company’s assets and liabilities;
- accounting records pertaining to the company’s share sales and acquisitions
Additionally, directors of corporations are required to draft their own accounting reports, which will be distributed at the annual general meeting of shareholders. At the same meeting, audited accounts must also be presented. Our accountant in Slovakia is at your disposal with such a service.
Bookkeeping in Slovakia
In Slovakia, bookkeeping is a crucial aspect of accounting because it involves recording all invoices and daily accounting papers that enter and exit a company. Bookkeeping entails continuously updating all of a company’s financial records, which can take a lot of time. Due to the need for accurate management of all accounting documents, our accountant in Slovakia provides specialist bookkeeping services based on the use of specialized software.
We list sale and purchase invoices, invoices for renting office space, supplier purchase invoices, and payslips among the daily accounting paperwork that can enter or exit your business.
You can also rely on our CPA in Slovakia who is a certified accountant and who can provide specialized support.
Audit services in Slovakia
Our team of Slovak auditors can offer you audit services, which entail confirming that the financial statements and other company records were produced in accordance with the national and international accounting standards. Our specialists will also carry out statutory audits or company due diligence processes, which are relevant in merger and acquisition situations.
The purpose of the statutory audit is to evaluate whether the company offers a transparent financial status. As required, a collection of documents will be evaluated to ascertain whether the company’s financial status is accurate. These include:
- the bank account balance;
- the financial activities;
- bookkeeping records and other financial records.
If you need the services of a CPA in Slovakia, do not hesitate to enquire with us.
The Slovak Chamber of Auditors
The Slovak accounting standards provide that the financial reports must be prepared and certified by an authorized individual. There are two types of persons that are authorized to perform accounting activities in Slovakia. These are auditors and certified accountants. The auditor or accountant tasked by the company to render accounting services must be a member of the Slovak Chamber of Auditors, the entity in charge of regulating and supervising all accountants and accounting firms. All auditors are covered by the Auditing Act. Our lawyers in Slovakia can offer you more details about the regulations imposed by the Slovak Chamber of Auditors.
Apart from accountants in Slovakia, we also have immigration lawyers in Slovakia who can guide foreign citizens who want to move here.
Setting of accounting standards in Slovakia
The main entity in charge of setting Slovak accounting standards is the Ministry of Finance. But there are other entities that also play an important role in setting accounting standards. The Slovak Chamber of Auditors has assisted the Ministry of Finance in creating a feasible accounting standard for companies to follow. As a result of this cooperation, the National Steering Committee was created. The standard setting process begins with auditors identifying any issues with the accounting methods adopted by them. Once these issues are identified, they give suggestions to the Ministry of Finance as to what created the issue and how it can be solved. The Ministry will then either adopt, reject, or modify the suggestions submitted by the auditors. Our solicitors in Slovakia can also advise you on the latest accounting standards set by the Ministry of Finance.
We also offer assistance in relocation for which you can discuss with our immigration lawyers in Slovakia.
Taxation in Slovakia
If you are running a business in Slovakia, here are the main aspects to consider about its taxation:
- the standard corporate tax here is 21%;
- micro-enterprises, however, are subject to a lower tax of 15% (their annual taxable revenue must be 49,790 EUR maximum;
- branches of foreign companies will pay the same corporate tax at the rates of 21% or 15%;
- the capital gains tax is levied at 0%, 15%, 21% rates, depending on various factors, such as if double tax treaties are in place.
Make sure that you are well informed of the latest accounting standards from our accountants in Slovakia. Just let the specialists in our law firm in Slovakiahelp you. We are also at your disposal with support in immigration to Slovakia.