- Proposed Legislation: The document outlines a draft law amending Act No. 222/2004 on Value Added Tax (VAT), aiming to introduce mandatory electronic invoicing and real-time data reporting to combat tax evasion.
- Objectives: The law aligns with the Slovak government’s commitment to enhance tax compliance by adopting EU directives on VAT for the digital age, requiring VAT payers to issue and receive invoices in a specified electronic format starting January 1, 2027.
- Data Reporting Requirements: Effective January 1, 2027, VAT payers will be obligated to report data from issued and received electronic invoices for domestic transactions electronically, streamlining the invoicing process and improving efficiency in tax administration.
- Current Situation Evaluation: The existing VAT regulations allow for both paper and electronic invoicing, but most invoices are still issued on paper, leading to delays in processing and payments. The current system is inadequate for preventing tax evasion and does not prevent the re-entry of individuals involved in fraudulent activities.
- Public Involvement: The public is invited to participate in the legislative preparation process by submitting comments or proposals by January 31, 2025, with the commenting procedure expected to begin in the second quarter of 2025.
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Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
