An amendment to the Income Tax Act cancelled the provision on exempting interest on State Bonds of legal entities from income tax. The Amendment becomes effective from November 5, 1997 (see Slovak News from October 1997).
Announcement No. 296/1997 Coll. Ministry of Finance SR amending Measures No. 65/355/1996 and No. 65/356/1996
This decree has amended the chart of accounts and accounting procedures for banks in order to improve recording their cash flows. Also the structure of financial statements for banks has been revised. The measure was published in "Financny Spravodajca" No. 12/1997.
Announcement No. 291/1997 Coll. Ministry of Finance SR amending the decree defining the content of attachments to Business Financial Statements
According to this decree, entities that are required to have audited accounts are also obliged to prepare cash flow statements. The decree was published in "Financny Spravodajca" No. 12/1997
Decree No. 292/1997 Coll. Ministry of Finance SR amending Measure on the Chart of Accounts and Accounting Procedures for Enterprises
The decree of the Ministry of Finance of SR, published in the "Financny Spravodajca" No. 4/1997 defines the taxable supply and tax base for value added tax (VAT) in respect of trading debts.
Furthermore, amendments were also made to the decree on the chart of accounts and accounting procedures.
For income realised from traded debts by a VAT payer, it will be necessary to record both the VAT and the net income generated on the accounts in accordance with procedures specified in "Financny Spravodajca" No. 12/1997.
The information in this newsletter is correct to the best of our knowledge and belief at the time of going to press. Specific advice should be sought, however, before investment and other decisions are made.
For further information contact Mr Frank Walsh on +421 7 5340 545 Email directly on frank.walsh@arthurandersen.com.
