Amendment to the Act on Taxes and Fees Administration

Act No. 233/2002 Coll. amending and supplementing the Act of the Slovak National Council No. 511/1992 Coll. on Taxes and Fees Administration and on Amendments in the System of Regional Financial Bodies, as amended

As of 26 January 2002, the effectiveness of provisions of the Act of the Slovak National Council No. 511/1992 Coll. on Taxes and Fees Administration and on Amendments in the System of Regional Financial Bodies, as amended, relating to property returns of individuals was suspended. The Act No. 233/2002 Coll. amending and supplementing the Act on Taxes and Fees Administration (the ``Amendment'') reinserts provisions on property returns of individuals in the act. In comparison with the previous regulation, the duty to submit a declaration in case an individual is not obliged to file a property return is excluded.

Individuals with permanent residence in the Slovak Republic or having a permit for permanent stay under the Act on Stay of Foreign Persons shall file a property return containing specification of the property which they own in the territory of the Slovak Republic as well as abroad. The property return has to be filed with a local relevant income tax administrator in writing, or by means of electronic mail or on an electronic recording medium (in such case it shall be also delivered in writing within 5 days from its delivery by e-mail or on an electronic recording medium).

The property return has to be filed by 31 October of each third calendar year according to the status as at 31 December of the previous calendar year. The property return, for submission of which the deadline was 30 September 2001 at the latest (according to the status as at 1 January 2001) has to be filed by 31 October 2002, according to the status as at 31 December 2001.

An individual is obliged to file a property return if he/she owns immovable property (including flats and non-residential premises) acquired from 1 September 1999 to 31 December 2001 in the total value of more than SKK 1,500,000, or if he/she owns movable property and property rights and other property values (including funds in cash and deposits in banks), the total value of which exceeds SKK 1,500,000.

The Amendment further specifies classification of property, its valuation, enumerates property which is not to be stated in the property return.

From the filed property returns, the tax administrator finds out property excess as a difference between the property found out from the property return and from immediately preceding property return. This property excess is compared with incomes of an individual for a period for which the property return is filed. The tax administrator is entitled to verify correctness and completeness of data provided in the property return (while it proceeds according to the provisions of the Act on Taxes and Fees Administration relating to tax control).

If the tax administrator finds out a positive difference between property excess and incomes of an individual, it is entitled to call on the individual to provide evidence of this difference. If it is proven that the property excess comes from other than net incomes, the tax administrator additionally levies an income tax on the individual. The same applies also in case the property return has not been filed and the tax administrator finds out that the conditions of its filing have been met.

This Amendment repeals the Order of the Ministry of Finance of the Slovak Republic No. 495/2001 Coll. stipulating the details of classification of property for the purposes of filing a property return and the Decree of the Ministry of Finance of the Slovak Republic dated 28 November 2001 No. 18576/2001-71 stipulating a specimen of property return (Notification No. 496/2001 Coll.). Personal information on an individual and his/her property and classification of property for the purposes of filing a property return and the manner of its presentation in the form of property return, as well as a specimen of property return form, create an annex to the Act on Taxes and Fees Administration.

This Act came into force on the date of its publication, i.e. on 8 May 2002.

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