All accounting books and financial statements in Slovakia must be prepared in Slovak language and Euro currency. Slovakia follows Slovak accounting standards and principles, which are gradually converging with IFRS. Companies which meet certain size criteria must prepare individual financial statements under IFRS. Consolidated financial statements must be prepared in accordance with IFRS as adopted by the EU. Filing of financial statements should be made to the Commercial Register within 7 months from the year end.

In Cyprus, accounting books and financial statements follow IFRS as adopted by the EU and the Companies Act in Cyprus. Filing of financial statements should be made to the Registrar of Companies and tax authorities within 12 months from the year end.

Legal entities that are seated in Slovakia or whose place of effective management is seated in Slovakia are generally regarded as tax residents in Slovakia and are liable to Slovak tax legislation.

Legal entities are regarded as Cyprus residents, and are thus liable to Cyprus taxation, if management and control is exercised in Cyprus.

The Slovak tax system comprises Income taxes (personal and corporate), Value Added Tax, Excise duties, Municipal taxes, Special levy for regulated entities and Bank tax. Inheritance and gift tax was abolished with effect from 1 January 2014. Real estate transfer tax was abolished with effect from 1 January 2005.

Cyprus tax system comprises Income taxes (personal and corporate), Value Added Tax, Excise duties, Stamp duty, Special Defense contribution (only for residents).

Beneficial tax system

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