Accounting

  • Allow 100 percent tax depreciation to businesses – flexibility in timing of the depreciation allows investors to plan projects more effectively, while the revenue of government will not change (only cash flow may change). The measure will have a stimulating effect on investment.
  • Cancel “gross wage” and implement “overall wage” – contributions of employer are the reward for the work, therefore there is no reason to not fully grant them to employees. Currently employers contributions are illogically not included in the “gross wage”. Use of “overall wages” will be associated with recalculating the contribution rates so as not to transfer surplus between social insurance funds.
  • Removing ceilings for cash payments – Greece, Cyprus, and Bulgaria in the past two years have demonstrated that cash still has a firm place in the monetary system. Despite the fact that the restrictions on cash payments spread over Europe, countries like Germany, Austria, and Slovenia have no limits on cash payments. Legal tender in Slovakia is euro and there is no reason that a natural or legal person cannot do payments in cash (current limits are 15 000 EUR for individuals and 5 000 EUR for companies) if they have such preferences.
  • Increase the ceiling on the maximum statutory audit required by the EU – (Out of 30 to 50 employees, assets 6 000 000 euros and net turnover € 12 million).
  • Unify the term of payment of all taxes and contributions (except VAT) on the 15th day of the month – Unification of dates (mainly social/health contribution payments and income tax payments) will help to build the order and systematize the tax system. VAT deadline can be kept on the 25th of the month for specific reasons.
  • Public commitment of the government to change the tax and accounting rules only once a year, on 1st January – Changes in the regulations during the year make accounting more difficult and expensive when the taxpayer must, within one financial year include two sets of rules (and two sets of calculations). They should be modified only in very exceptional circumstances (additional error detected in the amended regulations).