GSL / Foreign Companies Audit / Audit Slovakia

Audit of a Slovakian company, financial statements, accounting, consulting in Slovakia

Slovakia is a developed European country, whose political stability and economic growth are favorable to the construction and rapid development of business. This country cannot be classified as a classic offshore zone, but it has created favorable conditions for the placement of capital.

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Service packages Legislation Tax System Audit Services
Preparation and submission of accounts

(according to the actual time spent)

100-400 USD per hour
Preparation and submission of accounts, audit

(according to the actual time spent)

100-400 USD per hour

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Contents

  1. General requirements
  2. Financial statements and audit
  3. Tax accounts

General requirements

Every company incorporated in Slovakia must keep accounting records and provide financial statements on time.

Filing of annual accounts in Slovakia is regulated by the Accounting Act (No. 431/2002) and regulatory documents of the Ministry of Finance. Audits and auditing in Slovakia are regulated by Act No. 540/2007 on auditors, audit and supervision of audit.

National accounting standards of Slovakia are largely based on the International Financial Reporting Standards (IFRS). All companies whose securities circulate on a financial market apply IFRS in full.

Financial statements and audit

Companies in Slovakia file financial statements annually. Financial statements must be filed within three months after the end of the financial year. Penal sanctions are imposed in the case of late filing of financial statements.

In Slovakia, full financial statements must be filed by:

  • joint stock companies;
  • limited liability companies;
  • limited partnerships;
  • general partnerships;
  • cooperatives;
  • large enterprises.

Large enterprises are companies that meet at least two of the following criteria:

  • asset value is over 1 000 000 EUR;
  • turnover is over 2 000 000 EUR;
  • average number of employees is over 30.

Accounts of large enterprises must be certified by an auditor.

A full annual report includes:

  • information on the company’s status and development;
  • special events that took place after the end of the reporting period;
  • expected development of the company;
  • purchase of the company’s own shares;
  • distribution of profits;
  • information on foreign divisions;
  • financial report;
  • auditor’s report.

Financial statements themselves include:

  • Balance sheet;
  • Profit and loss statement;
  • Income and expense statement;
  • Statement of assets and liabilities;
  • Notes.

In most cases, audit of financial statements is not required.

However, annual audit is required for companies that exceed any 2 of the following conditions:

  • if by the end of the year proceeds exceeded 2 000 000 EUR;
  • if balance sheet assets are over 1 000 000 EUR;
  • if during the year the company had more than 30 employees;
  • if shares of the company are listed on an exchange;
  • if the company conducts a licensed activity.

Tax accounts

Every company incorporated in Slovakia must file a profit tax return after the end of the reporting period.

Normally, a reporting period coincides with a calendar year (i.e. from 1 January to 31 December). The filing deadline is 3 months after the end of the reporting period.

Therefore, the tax return for the previous year must be filed by 31 March of the current year. It is possible to extend the filing deadline by 3 more months; for this purpose, a request to extend the deadline for filing the tax return must be filed with the tax authority not later than on 31 March. The deadline for filing a tax return also determines the deadline for paying profit tax.

A reporting period may differ from a calendar year. In such a case, the company must, within the period prescribed by law, inform the tax authority of change of the reporting period from a calendar year to another reporting period.

A tax return shall be filed with the tax authority in electronic form.

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