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can qualify only if he invests at least TEUR 13,278 in a region where the unemployment rate is lower than the average unemployment rate in Slovakia. If the unemployment rate in the respective region is higher than the average unemployment rate in Slovakia, at least TEUR 6,638.78 should be invested.

As of 2009, also the legal framework for providing state aid for research and development (R&D) applies in Slovakia. The aid will be provided to projects which deal with fundamental, industrial and experimental research. The main purpose of the respective act is to set the rules and procedures for the provision of incentives in this area in order to motivate entrepreneurs to base their development more widely on the results of R&D, i.e. the activities with a higher added value. The incentives are provided in the form of cash grants and as a corporate income tax relief. Tax relief is granted as of 1 January 2010.

Further, investors may apply for subsidies under the EU Structural Fund programs; however, only a few specific schemes are applicable as most funds are destined for local, regional and central authorities in order to improve infrastructure, education etc.

Indirect Taxes

Value Added Tax (VAT)

The Slovak VAT Act complies with Directive 2006/112/EC. From Slovakia's accession to the European Union on 1 May 2004, the Slovak VAT Act has complied with the EU 6th Directive. Furthermore, new EU VAT rules (so called “VAT package”) have been implemented into the Slovak VAT legislation and entered into force as of 2010.

Registration

Slovak taxable entities, with their seat, place of business or establishment in Slovakia, must register for VAT if their cumulative turnover within the previous maximum of twelve calendar months exceeded EUR 49,790.

Registration for VAT purposes is also obligatory for:

a legal entity or individual, which acquires a business or part of a business of a VAT payer through a contract of sale of business a foreign entity performing economic activities in Slovakia that are subject to VAT a foreign entity which makes distance sales in Slovakia to persons who are not registered for Slovak VAT purposes, and the total value of the supplied goods exceeded EUR 35,000

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©2010 KPMG Slovensko spol. s r.o. , a Slovak limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

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