One sentence summary | March 2025

From Slovakia:

• As of April 1, 2025, according to the Notice of the Slovak Ministry of Labor, Social Affairs, and Family No. 39/2025 Coll., the amounts for meal allowances for domestic business trips will increase to EUR 8.80 (time zone 5 to 12 hours), EUR 13.10 (time zone 12-18 hours), and EUR 19.50 (time zone over 18 hours).

• The Ministry of Finance of the Slovak Republic has published a list of account numbers and prefixes to which taxpayers direct payment orders that are not subject to the financial transaction tax, according to Act No. 279/2024 Coll. on the Financial Transaction Tax, as amended.

• The Financial Administration informs about the launch of a project to create an environment for electronic invoicing, aiming to digitize the entire invoicing process from supplier to customer, including automated data submission to the financial administration. More information can be found at this link.

• The Ministry of Finance of the Slovak Republic has determined a new template for the VAT return form, which takes into account legislative changes effective from July 1, 2025. This template will be used for filing tax returns for tax periods starting no earlier than July 1, 2025.

From abroad:

• Cyprus is considering a tax reform that includes increasing the corporate income tax rate from 12.5 % to 15 % and offering various tax incentives. The reform aims to strengthen tax residency criteria, extend loss carryforward periods, and introduce a new framework for intangible assets.

• On February 8, 2025, the United Arab Emirates issued a decision setting rules for the introduction of a domestic minimum top-up tax in accordance with OECD model rules for fiscal years starting from January 1, 2025. The new legislation includes OECD guidelines and administrative requirements for registration and filing tax returns. More detailed information can be obtained at the following link.