Approved laws in connection with the improvement of the business environment affected by the corona crisis



On 21 July 2020, Act No. 198/2020 Coll., amending and supplementing certain laws in connection with the improvement of the business environment affected by measures to prevent the spread of dangerous contagious human disease COVID-19 was published in the collection of laws.

 

This Act approved 114 measures in an accelerated legislative procedure, which are based on the requirements of application practice and should help boost the Slovak economy. In addition to measures of administrative nature, the Act also contains measures to remove bureaucratic restrictions affecting small and medium-sized businesses and self-employed persons. The approved measures include, for example:

 

  • in connection with the effort to achieve stable legislative environment, changes of tax and levy laws will only be possible with effect from 1 January, while a reasonable legislative period will need to be applied (this measure is effective from 1 January 2021);
  • an automatic increase in demonstrably incurred fuel consumption expenses by 20% compared to the consumption stated in the vehicle registration certificate;
  • extending the minimum period for commenting on the tax inspection report from 15 to 30 business days;
  • introduction of the principle of “second chance” (non-imposition of a fine) for individuals and legal entities failing to fulfil its obligation on time within the deadlines set by the Social Insurance Act;
  • abolition of various notification obligations towards the Social Insurance Agency;
  • rapid increase in size criteria for the statutory audit of business companies in two phases (from 1 January 2021, the audit will be mandatory for companies that meet at least two of the following conditions: total amount of assets exceeding EUR 3,000,000, net turnover exceeding EUR 6,000,000, average number of employees in one accounting period exceeding 40; and from 1 January 2022: total amount of assets exceeding EUR 4,000,000, net turnover exceeding EUR 8,000,000, average number of employees exceeding 50);
  • abolition of the obligation to display the cash receipt generated by the e-cash register at points of sale;
  • abolition of the bank levy for the 3Q and 4Q of 2020.

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