Slovakia Tax Agency Clarifies Taxpayer Right to VAT Tax Base Correction

The Slovak Financial Administration July 26 clarified taxpayer rights to VAT tax base corrections, with examples. The clarification includes: 1) that effective Jan. 1, 2021, taxpayers may correct their tax base in the case of full or partial nonpayment of consideration for the supply of goods or services, if the consideration from the taxable transaction has become unenforceable, and the right of tax base correction hasn’t expired; 2) the obligation of taxpayers to prepare and submit a correction document before the VAT return filing deadline for the tax year for which the taxpayer has corrected the tax base; and 3) ...