Last updated: 19 Apr 2012
Taxation
There are two Value Added Tax (VAT) rates, 19 per cent for goods and 10 per cent for certain selected goods and services (ie. specific agricultural products, essential food, coal and other sources of energy, pharmaceutical products, paper products and electric-driven vehicles).
Basic rate for services is 19 per cent with a rate of 10 per cent for some selected services (ie. some repairs and maintenance, some lawyer services for public not for business, equipment for blind and disabled people, medical equipment healthy service for public, contact lenses and frames if not made from precious metals, accommodation services, etc.).
VAT is levied on all sales of goods and services.
Excise taxes are applied to hydrocarbon fuels and lubricants, spirits and distilled liquors, beer, wine and tobacco products that are produced in or imported to the Slovak Republic.
The tax period is the calendar year from 1 January to 31 December.
There is a flat income tax rate of 19 per cent.
Top Business Risks
OECD Guidelines for Multinational Enterprises
Multinational Enterprises should be aware of the OECD Guidelines for Multinational Enterprises that provide voluntary principles and standards for responsible business behaviour in a variety of areas, consistent with applicable domestic laws. These Guidelines are endorsed and promoted by the Australian Government. For more information, go to the AusNCP website.
Bilateral agreements
Australia has social security agreements with several countries that address the issue of 'double super coverage' for employees sent to work overseas. To take advantage of these agreements, Australian employers sending employees overseas to work must apply to the Tax Office for a Certificate of coverage.
For more details, please visit the Australian Taxation Office website.