Slovakia

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Business Environment

Business Practices

General information: Communicaid
Kwintessential
Opening hours and days: Closed in the week between 4 pm and 6 pm.
Closed on Saturday and Sunday. Some shops and hypermarkets are open on Saturday, or even Sunday.

Public holidays

New Year and Independence Day of the Slovak Republic	1 January
Epiphany and Orthodox Christians' Christmas	6 January
Good Friday	the Friday before Easter (March/April)
Easter Monday	March/April
Labor Day	1 May
Liberation of the Republic	8 May
St Cyril and St Methodius	5 July
Anniversary of the Slovak National Uprising	29 August
Slovak Constitution Day	1 September
Our Lady of Sorrows	15 September
All Saints' Day	1 November
Fight for Freedom and Democracy Day	17 November
Christmas Day	25 December
St Stephen	26 December

Periods when companies usually close

End of year holidays	Between 25 December and 6 January
Easter	From Easter Friday to Monday

Accounting Rules

Tax year: The fiscal year begins on 1 January and ends on 31 December of the same year.
Accounting standards: Slovak accounting standards (SAS).
Accounting regulation bodies: Ministry of Finance
Accounting reports: Businessmen and all commercial companies in Slovakia have to keep and prepare annually certain accounting documents:
- the balance sheet
- the profit and loss account
- the notes to the accounts
The structure of accounts as well as the balance sheet and the profit and loss account are inspired by the French model. European companies listed on the Stock Exchange must draw up their consolidated annual accounts on the basis of the standards of the IAS/IFRS.
Publication requirements: Accounts are published annually.
Documents must be prepared 6 months latest after the date of the balance sheet. The currency to be used for drawing up accounts is the EUR. Closing accounts must be sent, within 30 days of drawing them up, to the register of documents kept by the clerk of the competent tribunal (this applies to companies listed in the register of commerce).
Two schemas of publication for financial information are possible :
- A complete document for companies which are obliged to be audited by an independent auditor. These are companies listed on the Stock Exchange and companies which correspond to two of the following three criteria: the total of the balance sheet is over EUR 660,000, the net turnover is over EUR 1.3 million and the number of persons employed is over 20.
- An abbreviated document for businessmen and companies which do not have to audit their accounts.
Professional accountancy bodies: Slovak Chamber of Auditors (SKAu)
Slovak association of company financiers
Certification and auditing: KPMG, Deloitte, Cascaya Slovakia, Ernst&Young, Pricewaterhouse coopers.
Accounting news: Einnews

Tax Rates

Consumption taxes

Nature of the tax: Dan z pridanej hodnoty (DPH) - Value Added Tax (VAT)
Tax rate: The standard rate of TVA in Slovakia is 19%.
Reduced tax rate: The reduced rate of TVA in Slovakia is 10%. It is applied mainly to medicines.
Other consumption taxes: There are consumer taxes on alcohol, beer, wine, tobacco and petrol.

Corporate taxes

Company tax: 19%
Capital gains taxation: There is no separate capital gains tax.
Main allowable deductions and tax credit: Some expenses are deductible: marketing costs, reimbursement of debt, etc.
Other corporate taxes: Tax on real estate, stamp duty, interest, royalties on patents.

Individual taxes

Tax rate

Income Tax

Flat rate of 19%

Allowable deductions and tax credit: Deductions are possible for health insurance premiums, complementary retirement insurance, interest on loans for the purchase of a residence, etc.
Special expatriate tax regime: There is no special regime for expats.

Double taxation treaties

Countries with whom a double taxation treaty have been signed: See the list of double taxation Treaties signed by Slovakia.
Whithholding taxes: Dividends: 0, Interest: 19%, Royalties: %19

Sources of fiscal information

Tax Authorities: Slovak fiscal administration
Other domestic resources: Slovak fiscal authorities

Intellectual Property

National organizations: Patents are granted by the Office of industrial property (the period of validity varies and may go up to 20 years). The AOC name exists in Slovakia and comes under the same Office of industrial property. The Slovak organization for the protection of copyright is the Copyright Office which is dependent on the Ministry of Culture.
Regional organizations: Slovakia is a member of the European Patents Office (EPO) and of the Office of Harmonization for the Internal Market (OHMI).

National regulation and international agreements

Type of property and law	Validity	International agreements signed
Patent Law on Inventions, Industrial Designs and Rationalization Proposals (No. 527 of November 27, 1990)	20 years
Trademark Law n° 55/1997 Coll. on patents modified by law n° 577/2001 Coll., law n° 14/2004 Coll. and law n°610/2002 Coll.	10 years, renewable for a successive period of 10 years.	Trademark law treaty Nice agreement Protocol relating to the Madrid Agreement
Design Law on Inventions, Industrial Designs and Rationalization Proposals (No. 527 of November 27, 1990) and law n°444/2002 on designs.	5 years, renewable for four further 5-year periods with a maximum of 25 years.
Copyright Law on copyright (law n°618/2003 of 4 December 2003)	During the author's life and 70 years after his death.
Industrial Models Law on Inventions, Industrial Designs and Rationalization Proposals (No. 527 of November 27, 1990)	When the validity of the registration expires or if the owner of the industrial model renounces his rights.

Legal Framework

Independence of justice: Slovakia has an independent judiciary, though there has been concern about judicial corruption and backlog of cases.
Equal treatment of nationals and foreigners: Foreign nationals can expect an impartial trial from the country’s judicial system.
The language of justice: The judicial language used in the country is Slovak.
Recourse to an interpreter: Having an interpreter is possible.
Sources of the law and legal similarities: The main source of the law is the constitution of 1992 (amended in 1998 & 2001). The country’s civil law system is based on Austro-Hungarian codes. The legal code was modified to comply with the obligations of the Organization on Security and Cooperation in Europe (OSCE) and to expunge Marxist-Leninist legal theory. Slovakia accepts compulsory ICJ jurisdiction but with reservations. Being a member of the European Union, the national law in Slovakia needs to comply with the conditions of the Community legislation.
Checking national laws online: The Slovak Constitution (in English)
Lexadin (in English)

Standards

National standards organizations: Slovak office for standards, metrology and testing (UNMS)
Slovak institute for technical standards (SUTN)
Integration in the international standards network: At the European level:
- Member of the European Committee for Standardization (CEN)
- Member of the European Committee for Electrotechnical Standardization (CENELEC),
- Member of the European Telecommunications Standards Institute (ETSI)

At the international level:
- Member of the International Standard Organization (ISO)
- Member of the International Electrotechnical Commission (IEC),
- Member of the International Telecommunication Union (ITU),
Classification of standards: STN is the Slovak certification mark.
CE is the European certification mark. It is obligatory so that a product can be sold in the country.
Online consultation of standards: The STN catalog
The catalog of European standards,
The ISO catalog.
Certification organizations: See the certification organizations accredited by the Slovak National Accreditation Service (SNAS)

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