Don’t be afraid to use cash, say entrepreneurs as transaction tax begins

It has only been three days since banks began deducting the new transaction tax from business accounts, but the internet is already full of screenshots from various companies showing how much the state has taken from them in tax, according to a report in Sme.

Several Slovak businesses have reported unexpected financial burdens just days after the introduction of the country's new transaction tax. The levy, which came into effect on April 1, applies to outgoing bank transfers, cash withdrawals, and business card usage, prompting some firms to reconsider their payment strategies and pricing.

Small businesses feel the impact immediately