Cancellation of the notification duty when changing bank accounts

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In January 2019, a proposal for an amendment to Act No. 563/2009 Coll., on tax administration (the Tax Code) was submitted to the National Council of the Slovak Republic.

The submitted amendment aims to abolish the duty of taxable persons to report changes relating to changes to an entrepreneur’s bank account (opening/closing an account). The reason for submitting the proposal and abolishing the notification duty of entrepreneurs is the duplication of such notifications, as banks and branches of foreign banks, which keep such accounts, have the same obligation. Approval of the proposal would reduce the administrative burden on taxable persons.

Please be aware that this change will not concern the obligation to provide a bank account number when registering a taxable person. In such cases, the notification duty will remain unchanged.

The proposed effective date of the act is 1 May 2019.

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