- New VAT Terminology: From January 1, 2025, Slovakia introduces a new term for VAT payers with specific tax identification numbers, affecting how tax liabilities are handled in certain transactions.
- Registration Requirements: The update clarifies the conditions under which businesses become VAT payers, including thresholds for turnover and the process for obtaining a tax ID.
- Tax Liability Transfer: The regulation specifies when the reverse charge mechanism applies, particularly in construction services, requiring both parties to have a tax ID under specific sections.
- Practical Examples: Several scenarios illustrate how businesses should apply the new rules, emphasizing the importance of correct registration status at the time of service delivery.
- Compliance and Monitoring: Businesses must regularly check the official list of registered VAT entities to ensure proper application of tax liability transfers, avoiding incorrect invoicing.
Source financnasprava.sk
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