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Letter to the Editor: Investments can result in tax losses in more than one year

Please allow me to comment on the article titled, "Beyond the image" (Vol. 2, No. 13, August 14-27, 1996), as some parts appear to be incomplete: The tax loss carry forward for Slovakia is limited to one year's tax loss, which can then be brought forward in five portions of 20 percent. The disadvantage for any investor, not only foreign ones, is that often major and serious investments result in tax losses in more than one year.

The example cited in the story about VAT inputs referred to a case where the VAT input for October 1995 was claimed erroneously in the following November, and this is what caused the penalty. If it had been claimed in October, the state would have had to pay it back one month earlier, which is, in theory, less advantageous for the state.

Felix Mayrhofer, Deloitte & Touche Tax, k.s., Bratislava

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