Revision to the Income Tax Act combats tax evasion

The Finance Ministry has submitted for comments a revision to the Income Tax Act aimed at continuing to combat tax evasion. The revision clarifies the transfer pricing rules, the definition of a foreign dependent and limits interest costs. It sets out rules for receivable write-offs in the case of preventive restructuring. FS, the tax authority, will in some cases not impose a fine first, but will send a warning that the next violation will result in a fine. When applying a tax bonus, the income of both parents will be taken into account.

(webnoviny.sk)