Indirect Tax

Value Added Tax

EU accession has had a major impact on VAT legislation and practice in the Slovak Republic. It has made a complicated situation even more complex. Tax rates, VAT law and VAT systems differ in each Member State. This complex area requires expert advice to ensure that you are maximizing the cost effectiveness of your business. It is essential to monitor and manage VAT costs and to ensure that you comply with all the relevant legislation. Our indirect tax team can help you to streamline your operations to minimize VAT and administrative costs and provide you with the skill and foresight that you need to manage your VAT, rather than just paying it.

Key Services

• Review of VAT within your business
• Preparation of VAT returns and effective keeping of VAT records
• Representing foreign companies for the purpose of reclaiming of Slovak VAT
• Representing Slovak companies that qualify for a refund of EU VAT
• Analysis of business costs to optimize statutory VAT entitlements
• Identification of opportunities for potential cost savings
• Cash flow planning
• Analysis of import or acquisition VAT to determine optimal cash flow
• Assisting you with negotiations with the tax authorities

Customs and Excise

Although EU membership has greatly simplified the intra-Community customs procedures for international trade, many new rules and regulations governing trade outside the EU now apply to the Slovak Republic. Non-compliance with these rules can lead to severe financial consequences such as penalties for late payment of excise duties or incorrectly applied customs tariffs, or being unable to recover import VAT. PwC' customs and excise team provides you with the help and advice you need on legislation and the correct application of customs and excise duties and tariffs.

Key Services

• Full assistance with excise duty registration, administration and compliance issues
• Ascertaining the correct application of tariff classifications
• Ascertaining the correct application of excise duties
• Advice on planning for the implementation of various customs requirements
• Advice on any refunds or exemptions which may be applicable
• Advice on possible customs relief within the framework of investment incentives
• Assistance with planning and implementing new strategies to maximise profits on the sale and distribution of goods
• Assistance with analysing your business operations to minimise the costs of international trade
• Feasibility studies on alternative sourcing of imported goods from countries with preferential trade status
• Assistance in negotiations with Customs and Excise departments

References

AAE Ahaus Alstätter Eisenbahn AG - European Rail Freightcar Leasing
Kirsten Trost, Treasurer

"The tax team at PwC Bratislava has provided for a number of years a very efficient and effective 13th EU Directive refund service for AAE.But, this year we were faced with a customer problem related to withholding tax that could possible cost our company a lot of money and administration.The tax team at PwC reacted quickly to our request and was able to provide us with credible and understandable advise that solved our problem and which our customer was also able to use. It was useful that the advise was able to be provided quickly without too many formalities standing in the way. And, I was especially impressed with the way that the team shared knowledge of our company in order that we did not have to bring an advisor in a different area of the team up to speed on our business. The people that we work with are friendly and professional and genuinely interested in solving problems. The fast reaction had a lot to do with our maintaining and improving our working relationship with our customer showing them that we could offer solutions to more than just their freightcar needs."