In today's article, we will inform you about the amendment to the law published in the Collection of Laws on the new regulations on administrative cooperation in the field of taxation.

In the Collection of Laws, an amendment to the Act on International Assistance and Cooperation in Tax Administration, which implemented the Slovak Republic's implementation of the Council Directive on automatic exchange of information, was also known as DAC VI. This new legislation entails new reporting obligations for taxpayers in the event of entry into cross-border structures. One of the main purposes was to obtain a tax advantage.

Thus, cross-border measures that meet the conditions (the so-called characteristics) set out in the Annex to the said Act on International Assistance and Cooperation in Tax Administration will be subject to the notification obligation.

Information will be communicated electronically via the Financial Administration portal within 30 days of:

a) following the date on which the notified measure is made available to the taxable person for implementation;

b) following the date on which the notified measure is ready for introduction by that taxable entity; or

c) following the date on which the first action to introduce the notified measure took place in respect of the taxpayer concerned.

Retrospective actions will also be notified, which have been performed since 25 June 2018. The deadline for such retrospective notification shall be 31 August 2020.

The tax office will impose a fine of up to EUR 30,000.00 for the breach of duty. The law also permits repeated imposition of a fine.

If you need advice, please contact our tax department. Our specialists will gladly discuss the issue with you. For more information visit us on our website, facebook or Linked In.