- SME Scheme Features: In Slovakia, small enterprises can opt for the SME scheme, which offers simplified VAT obligations. This exemption allows qualifying businesses to avoid VAT registration, submitting periodic VAT returns, issuing invoices, and maintaining detailed accounts.
- Transaction Exclusions and Compliance: Certain transactions, such as the supply of buildings before first occupation and exempt cross-border supplies of new means of transport, are excluded from the SME scheme. If a small enterprise exceeds the national annual threshold, it may enter a transitional period where it loses its simplified VAT obligations and must register for VAT and submit returns.
- Cross-Border SME Scheme: Small enterprises applying the SME scheme in multiple EU member states can submit a single prior notification and quarterly report through the Slovak Financial Directorate’s electronic platform, simplifying compliance across borders. Additionally, these businesses are exempt from issuing invoices for B2C supplies and maintaining accounts. However, compliance is crucial; non-compliant enterprises may face penalties and loss of simplified obligations.
Source ec.europa.eu
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