#145New Financial Transaction Tax Act with the first tax period from April 2025
Effective from January 1, 2025, the new Financial Transaction Tax Act, approved by the Government of the Slovak Republic in connection with the consolidation of public finances, entered into force, with the first taxation period being April 2025.
The new financial transaction tax is being introduced for legal entities, organizational units of legal entities, and natural persons – entrepreneurs who have a bank account. Civic associations, foundations, churches and religious societies, as well as schools and educational institutions are exempt from the tax.
All bank transfers, ATM withdrawals, loan interest payments, commissions and fees will be subject to the new financial transaction tax.
Transactions that are not subject to the new tax include card payments (including Apple Pay and Google Pay), cash payments, intra-bank transfers within the same bank, cryptocurrency transactions, and payments of taxes and levies, with the exception of local taxes.
With regard to the introduction of the new financial transaction tax, taxpayers, i.e. entrepreneurs, are obliged to set up a business account by March 31, 2025. If the taxpayer fails to meet this obligation, the financial administration will first invite him to open one. If the taxpayer fails to meet his obligation even after the invitation, he may receive a fine of 30 to 3 000 Euros.
The most significant changes in the new law on tax on financial transactions are:
- For each non-cash financial transaction, except for cash withdrawals, a 0.4% tax rate is introduced on the amount of the financial transaction, with a maximum tax limit of 40 Euros.
- For each cash withdrawal from a transaction account in a bank or ATM, a 0.8% tax rate is introduced on the amount of the withdrawal without a maximum limit.
- A fixed annual fee of 2 Euros is introduced for using a payment card at least once per calendar year.
Legal commentary
We provide daily commentary from various fields of law, business, and audit. We try to give an objective and impartial view of current topics that move the professional world.
- AuthorAdmin
- Date4.4.2025
- Webwww.lexante.sk