Ing. Viktória Horáčiková
Tax adviser
Filing a tax return is one of the basic obligations of taxpayers, which ensures the correct payment of taxes to the state budget. The essence of the obligation to file a tax return remains unchanged from year to year, but the thresholds that determine when an individual is obliged to file a tax return change. Each year these limits are slightly adjusted, so it is important to monitor the changes in legislation and to follow the current conditions. There are different rules and exemptions for individuals and corporations that affect their obligation to file. This article focuses on the filing requirements for the 2024 return and provides an overview of important deadlines and extension options.
Personal income tax return
An individual is obliged to file a 2024 tax return if his taxable income exceeds 2 823,24 Eur, which is 50 % of the amount of the non-taxable part of the tax base per taxpayer. This amount is based on the amount of the minimum subsistence level, which is why the amount of this limit changes every year. The obligation to file a tax return arises even if the income does not reach the above threshold but the taxpayer has a tax loss, which applies exclusively to self-employed persons (self-employed persons) who claim provable expenses on their income.
It is important to note the phrase “taxable income.” This is income that is subject to tax and not exempt from tax. The amount of 2 823,24 Eur therefore does not include income earned by the taxpayer, e.g. through the receipt of social benefits, the sale of real estate or shares and other income which is exempt from tax under the conditions laid down in the law.
However, if the income does not exceed the above mentioned threshold or if the amount exceeded the income that is exempt from tax, the taxpayer is not obliged to file a tax return. However, there are other exceptions when an individual does not have to file a tax return. These are cases where the taxpayer had only income from employment in the Slovak Republic and asked the employer to make an annual settlement, or where the income was subject to withholding tax and the taxpayer decided not to treat this tax as an advance payment of income tax.
Tax residents of the Slovak Republic who also had income from abroad are obliged to tax their worldwide income in the territory of the Slovak Republic. This means that if the taxpayer earned income from employment, business or other sources abroad, he/she must include this income in his/her tax return and tax it according to Slovak tax regulations. If there is a double taxation treaty between Slovakia and the country in question, the taxpayer may apply the appropriate method to eliminate double taxation, such as the foreign tax credit method or the income exclusion method.
It is important to use the correct form when filing your tax return. Individuals use Form type A if they had only earned income, or Form type B if they had other income, e.g. from business, rental property, capital assets (e.g. interest on loans) or other income listed in the Income Tax Act.
Corporate income tax return
The situation is different for corporations, as each corporation is required to file a tax return for 2024 even if it has not reported any income. Corporations such as limited liability companies (s.r.o.), joint-stock companies (a.s.), general partnerships (v.o.s.), and limited partnerships (k.s.) must submit a tax return regardless of income levels. However, non-profit organizations, civil associations, budgetary and contributory organizations have an exception and do not have to file a tax return if they have only exempt income or income on which tax is withheld. However, if such entities carry out a business activity in addition to their main activity (e.g. rental income or advertising), they are obliged to file a tax return.
Legal persons use the uniform corporate income tax return form published for the relevant tax period.
When is the tax return due?
The deadline for filing the tax return is 31 March 2025. However, there is a possibility to extend the deadline by three months, i.e. until 30 June 2025, and by six months, i.e. until 30 September 2025, if the individual or legal entity had income from abroad. No extension of the time limit needs to be requested from the tax administration, except for a taxpayer in bankruptcy and liquidation. In order to extend the deadline, it is sufficient to submit a notice to the tax authority by 31 March 2025 at the latest, in which the taxpayer indicates the new deadline for filing the tax return. Income tax is also payable within such a new period.
Conclusion
Filing a tax return can be administratively burdensome for some taxpayers, so it is important to make sure you have all the necessary documents in advance and keep up to date with current legislation. It is advisable to use the services of a tax adviser to help with the preparation and filing of the documents. A consistent and professional approach can avoid later problems and ensure that tax obligations are met correctly and on time. By using the services of a tax adviser, the taxpayer avoids potential penalties. In addition, a tax advisor can identify potential opportunities to optimize tax liability, for example by claiming different expenses or taking advantage of different tax exemptions.
The above information on this website is intended to give you a basic overview of tax, accounting and legal regulations. It is in no way intended as a guide to their application in practice, which may differ significantly from the legislation in force at any given time. The information on this website does not guarantee legal, accounting, tax or other professional advice or services. As such, the information should not be taken as a substitute for professional consultation with accounting, tax, legal or other advisors. EMINEO PARTNERS shall not be responsible or liable for any discrepancies, omissions or results obtained from the use of this information. All information and examples are provided without any warranty as to their applicability in practice. EMINEO PARTNERS is not obliged to reflect the applicable legislation on the information and examples provided on this website.
