Tax Minimization in Slovakia
Tax Minimization in SlovakiaUpdated on Tuesday 24th January 2023
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Tax planning comprises the tax implications of individual decisions (business and investment), generally with the purpose of tax minimization. Every individual should have knowledge of their income and estate tax matters, including the costs involved. You can ask for the help of a Slovak law firm in order to receive proper advice with regard to tax minimization in Slovakia.
Options for tax minimization in Slovakia
The purpose of tax minimization in Slovakia is to efficiently manage your finances by reducing the amount of certain taxes. This can be reached in various ways, such as the following:
- - deduction planning;
- - year-end planning strategies;
- - investment tax planning, which implies the evaluation of the assets’ position so as to minimize the amount of taxes that have to be paid;
- - deep understanding of the tax implications, investment strategies and various investments.
Our solicitors in Slovakia can make sure to provide you with the necessary information in order to fully understand tax minimization strategies and assist you in other legal issues, such as immigration. Obtaining a residence permit in Slovakia is significantly easier than in a number of other European nations. Every year, more people are drawn in thanks to the well-developed infrastructure, low levels of corruption, stable prices, and high degree of social safety. After several years of living here, foreigners also become eligible for Slovak citizenship.
Tax minimization strategies in Slovakia
There are various business strategies that can help business owners reduce their taxes, regardless of the type of business they have established.
One of the tax strategies can be used during the current fiscal year and it requires the action of bringing forward the tax deductions, its aim being to reduce the taxable income. Business owners who buy presents for business partners or employees can opt for anticipated presents which will usually be deducted at the beginning of the year. This strategy can be applied for things such as:
- ● airline tickets;
- ● bonuses for employees;
- ● office supplies;
- ● various repairs for your Slovak property;
- ● fees for Slovak directors.
This strategy can again be easily explained to you by our Slovak lawyers who will make sure that your best interests are being looked after.
You can also use the capital gains discount as a tax minimization strategy in Slovakia. Capital gains can be viewed as income and they are usually subject to corporate tax at the normal rate. But capital gains can benefit from participation exemption. You can also rely on us for obtaining Slovakia VAT numbers.
Foreign investors can also establish a company in Slovakia and benefit in this way from the separate legal structure of the company. Effective tax planning combined with the right type of company structure can give you the possibility to reduce taxes and balance them.
You can contact our law firm in Slovakia and you will receive complete information about other methods used for tax reduction when doing business in Slovakia.