Invoicing and Tax regulation in Slovakia
Invoicing Regulation in Slovakia
The invoicing regulations in Slovakia dictate that invoices must be issued for supplies of goods and services within 15 days of the tax point. These can be issued in both electronic and paper forms, and require certain details such as the issuer's name, the customer's name, tax identification numbers, and a detailed breakdown of the goods or services supplied. Incompliance with these regulations is mandatory for businesses operating within the country.
Real-Time Reporting / Fiscalization in Slovakia
In Slovakia, the use of fiscal devices is not mandatory. However, the authorities are increasingly moving towards real-time reporting, and the trend seems to be heading towards the implementation of digital solutions for automatic tax reporting. Nonetheless, businesses are still recommended to maintain up-to-date financial records for audit purposes.
E-Invoicing in Slovakia
E-invoicing is becoming increasingly popular in Slovakia, but is not yet mandatory. It offers many benefits including cost savings, improved efficiency, and reduced environmental impact. E-invoicing can be used for B2B, B2C, and B2G transactions. The government is encouraging the spread of electronic invoices, and businesses are generally adopting the practice.
VAT/GST/Tax Compliance in Slovakia
Slovakia has a standard VAT rate of 20%, with a reduced rate of 10% applicable to certain goods and services. All businesses operating in Slovakia must be VAT registered and to submit monthly or quarterly VAT returns. Non-compliance can result in significant financial penalties. Businesses selling goods to consumers in other EU member states must also comply with the relevant distance selling VAT regulations. This applies to both B2B and B2C transactions, and compliance is mandatory.