Slovakia: Right to correct the tax base in the case of an irrecoverable debt
The Slovak Financial Administration provided examples and explained taxpayer rights for a correction to the VAT tax base.
Taxpayers may make a correction to the tax base of the entire or partial nonpayment of the consideration for the delivery of goods or services, provided the following requirements are met:
- the receivable from the taxable transaction at issue is irrecoverable; and
- the right to correct the tax base is still open.
This applies retroactively from January 1, 2021.
The payer has three years from the final day of the deadline for submitting the VAT return for the tax period in which the goods or services were supplied to adjust the tax base, i.e., no later than May 27, 2024 (inclusive).
The deadline for submitting the tax return for the tax year ending April 2021, during which the items were delivered, was May 25, 2021, and the three-year term will end on May 25, 2024, which is a Saturday. The deadline will be moved to the next business day, May 27, 2024.
The taxpayer may either make the adjustment in the tax return for the first quarter of 2024 that was submitted late but no later than May 27, 2024, or in the supplementary tax return for the first quarter of 2024 that was filed no later than May 27, 2024.
Source: financnasprava.sk
