SNS: Self-Employed to Be Exempt from Transaction Tax

Bratislava, 29 September (TASR) – The financial transaction tax in Slovakia should be paid exclusively by companies, exempting self-employed individuals who are currently also subject to this tax, according to an amending proposal submitted to Parliament by coalition's MP Adam Lucansky (SNS) on Monday. The change is expected to come into effect at the beginning of next year. The original amendment to the Financial Transaction Act was tabled before the summer by a group of MPs from the Slovak National Party (SNS). Initially, it proposed that sole traders and small businesses with an annual turnover of up to €100,000 be exempt from the tax, with the changes intended to apply from October 2024. However, the Finance Ministry had previously opposed the proposal. Following several rounds of negotiations between the ministry and the bill's sponsors, a compromise was reached, and a revised version of the amendment was submitted. The updated proposal includes several technical adjustments to the law. It adds definitions for terms such as "recharged cost" and "permanent operation", addressing ambiguities encountered in practice. It also clarifies the definition of a taxpayer and introduces a distinction between taxpayers with limited and unlimited tax liability. Additionally, it refines the list of public sector entities excluded from the tax and defines how payment cards are treated under the legislation. mf