Finances and Advisory, page 11
Investment and taxes in Slovakia
Slovaks want card payment rewards
SLOVAK bank customers expect to receive some form of financial reward for making payments with cards, according to a poll conducted for Prima Banka by the 2muse agency in summer.
Banks have lower borrowing costs
IN SPITE of the special banking levy introduced this year, most Slovak banks are reporting an increase in profits. Some banks reported profits exceeding €50 million for the first nine months of 2013. Paradoxically, this was helped not only by the growing appetite of households for buying on credit but also by the eurozone crisis, the analyst says.
Contactless payments gain popularity
THOUGH many Slovaks are believed to use bank cards solely to withdraw cash, recent data show growing interest in contactless payments. More than 4.5 million contactless payments were made by bank clients in the second quarter of 2013 – 12 times more than in the same period last year – with €56 million paid through contactless transactions, the Slovak Banking Association (SBA) reported in August.
Leasing companies in Slovakia
ČSOB Leasing, www.csobleasing.skImpuls-Leasing Slovakia, www.impuls-leasing.skMercedes-Benz Financial Services Slovakia, www.mbfs.skOberbank Leasing, www.oberbank.skS Slovensko, www.sslovensko.skTatra-Leasing, www.tatraleasing.skUniCredit Leasing Slovakia, www.unicreditleasing.skVB Leasing SK, www.vbleasing.skVFS Financial Services Slovakia, www.vfsco.comVolkswagen Finančné Služby Slovensko, www.vwfs.skVÚB Leasing, www.vubleasing.sk
Institutions and organisations in the banking and leasing sectors
Ministry of Financewww.finance.gov.skMinister: Peter Kažimír
Operational leasing looks to build market
IN SLOVAKIA the traditional preference to buy, as opposed to lease, cars or manufacturing equipment means that the leasing industry lacks maturity in comparison with markets in western Europe. But leasing professionals say that as a result many companies carry excess costs and staff, making their businesses less competitive on the international market.
Some banks active in Slovakia
Universal banks:
Phishing attacks target bank accounts
personal data. In the wake of a court decision that forced one bank to compensate a client harmed in such an attack, the issue is drawing increased attention.
Taxes in Slovakia
Value added tax (VAT)Basic rate: 20 percentReduced rate on books and medicines: 10 percent
Plan to call for rating taxpayers
THE FINANCE Ministry would like to see taxpayers in Slovakia rated. Its ambition is to prepare revisions to the legislation necessary for the launch of the new evaluation of taxpayers as of the beginning of 2014. However, work on the legislation has lagged behind the planned launch date, the SITA newswire wrote in mid August.
Bratislava accounts for bulk of taxes
TAX collection in Slovakia is uneven, with Bratislava, the seat for many companies, unsurprisingly representing the largest share of tax revenues. The capital and its surroundings accounted for 74 percent of the nation-wide gross revenues from tax receipts in 2012, the SITA newswire reported based on information provided by the Financial Administration.
Mandatory audit criteria to be eased
MORE companies in Slovakia may be exempt from mandatory financial audits, with parliament working on a draft revision to raise audit limits. The Finance Ministry believes this will reduce red tape, but auditors say that businesses should view audits as valuable, independent insight into their finances, rather than an administrative burden.
New challenges to auditing and auditors
MORE regulation, greater complexity of the business environment and pressure to reduce audit fees are the biggest challenges faced by Slovakia’s auditing market. Moreover, the relatively high average age of auditors coupled with the expected lower number of university graduates resulting from the lower birth rate may make attracting the best and brightest young people more challenging.
Interest in auditing jobs falls
INTEREST in auditing jobs is waning in Slovakia, the Slovak Chamber of Auditors (SKAU) reported in late July, due to growing pressure on auditors. The profession has been subject to greater supervision since the Audit Oversight Office (ÚDVA) was launched in 2008. Responsibilities have increased and pay has fallen because of the economic crisis, the SITA newswire wrote.
List targets tax dodgers
TAX COLLECTING in Slovakia is far from a fine art, with some of the biggest problems occurring with the value added tax (VAT). In reaction, the Finance Ministry has declared a fight against tax dodging as it seeks to implement new measures for fighting tax fraud and evasion – including a so-called blacklist of businesspeople and firms with large outstanding value added tax bills.
Jan-Aug tax collection almost €5.7bl
SLOVAKIA’s tax revenue exceeded €5.7 billion over eight months of 2013, based on data of the Finance Administration. Of this, value added tax accounted for €2.88 billion, the SITA newswire reported.
Institutions in the tax and audit field in Slovakia
Finance MinistryMinister of Finance: Peter Kažimírwww.finance.gov.sk
EU takes steps towards a banking union
THE EUROPEAN Union has devised an ambitious plan to create an integrated banking union for Europe, with EU leaders viewing the strengthening of the economic and monetary framework as a remedy for the current financial crisis. Slovakia, as a member of the eurozone, is supporting and participating in this process.
New leasing firm arrives in Slovakia
THE NUMBER of leasing companies operating in Slovakia has grown by one with the addition of an affiliate of the Czech firm s Autoleasing in May. The company, which has been operating in the Czech Republic since 2004, entered the Slovak market via a wholly-owned subsidiary called 's Autoleasing SK'. The company is part of the international Erste Group and is offering Slovak clients consumer loans to finance new as well as used passenger and commercial vehicles, the SITA newswire reported, citing the leasing company.
One bank fails stress tests
ONE bank operating in Slovakia failed to pass sector-wide financial stress tests conducted in April by the National Bank of Slovakia (NBS). The NBS did not, however, identify the bank, the Sme daily wrote on its website.
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