As new and more complex forms of doing business develop, income tax is also being amend-ed to keep pace. Recently, the scope and frequency of these amendments have accelerated due to international requirements, especially as part of the programme for combating tax base erosion and profits shifting (BEPS).
To comply with tax obligations in a correct and cost-effective way, businesses must be familiar with the extensive tax legislation and the related methodical instructions and also have experience and be constantly in contact with the tax environment. Our corporate tax specialists can assist you with all of this and will be delighted to use their knowledge and experience for your benefit.
- Corporate income tax returns
- Additional services relating to the tax returns
- Corporate income tax consulting for Slovak tax residents
- Corporate income tax consulting for Slovak tax non-residents
Corporate income tax returns
We can help you meet your corporate income tax return requirements. We will use our expertise to complete tasks professionally and effectively on your behalf, saving your time and resources for activities adding value to your business. Depending on the size and level of tax experience of your internal financial department, you can choose the appropriate level of our assistance with your company’s tax return:
- Complete preparation of the tax return from working out the source data generated by your accounting and other internal systems, to providing you with a completed tax return form ready for e-filing with the tax authorities. As an extension to this service, we can prepare a summary of the key tax issues we have identified while preparing the tax return and outline the ways to address them.
- Detailed review of the draft calculation of the tax return prepared by you and completion of a revised calculation.
- Review of your draft calculation of the tax return during an interview with your tax team.
Additional services relating to the tax returns
- Review of internal procedures for tax compliance and administration
- Assistance in negotiations with the tax authorities during tax audits
- Review of the fixed assets register focusing on the input values, inclusion in tax depreciation groups, set up of tax depreciation schedules and the use of suspension of tax depreciation.
Corporate income tax consulting for Slovak tax residents
Prevention and acting correctly in advance is far more cost efficient than addressing tax implications of steps already executed. Therefore, we will review your intended transactions and advise you on a structuring of transactions to help you minimize tax costs and reduce tax exposures. We undertake analyses in particular regarding:
- Sale or purchase of selected assets, business activities or entire business lines.
Investing in joint ventures on a contractual basis, i.e. agreements on a complex or long-term business cooperation, or on a shareholding basis, such as contributions to subsidiaries’ equity components - (De) mergers of entities for acquisition or business restructuring purposes
- In-kind contributions of selected assets or (parts of) business to the share capital
- Debt restructurings and set-up of various forms of financing including cash-pooling.
- Investments in securities, derivatives and other instruments including hedging transactions
- Set up of various internal policies, such as those addressing stock-count differences and excessive, expired or defected stock, policies for dealing with aborted investments, over-due receivables or for the provision of employee benefits.
- Deduction of research and development costs
Corporate income tax consulting for Slovak tax non-residents
The Slovak Income Tax Act defines also income generating situations, and specific types of income when such income earned by non-Slovak residents is considered to be of Slovak party. An obligation then arises for the non-Slovak party to register for tax and pay duty, or for the Slovak paying entity to pay withholding assurance tax. In this area, we offer you consulting in respect of:
- Risk when creating a Slovak permanent establishment upon provision of various services by foreign providers to the Slovak recipients and set up of a tax base for such a permanent establishment.
- Analysis of attributable income and costs of the Slovak branches of foreign taxpayers
- Withholding tax obligations of Slovak recipients when making payments to non-Slovak providers of, for example, IT related supplies, i.e. software, technology solutions, franchise or other intellectual property rights, or potential obligations of the Slovak lessees of equipment or transport means provided by foreign parties.
How can PwC work with you?
In addition, using cooperation within the PwC network in the respective countries, we can intermediate for you the appropriate consulting on similar non-Slovak tax obligations of Slo-vak providers with regard to specific supplies to their foreign business partners.
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