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Finance and financial management · Business and start-ups · Accounting · Employment and labour law · August 24, 2023
“Business news: setting the minimum wage for 2024 and changes in penalties for tax breaches”
Minimum wage 2024 On 21 August 2023, employer and employee representatives agreed on the amount of the minimum wage for 2024. The minimum wage for an employee paid a monthly wage will be €750 (this applies to the first level of work difficulty). The minimum wage for each hour worked by an employee with a set weekly working time of 40 hours will be €4.310.
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Finance and financial management · Employment and labour law · July 28, 2023
Wage deductions – enforcement after 1 July 2023. How will the increase in the subsistence minimum affect wage deductions?
Wage deductions are a means of enforcement by which a court bailiff reaches into the debtor’s net income, specifically their wages as an employee. In practice, this means that if the debtor does not repay their debt, the employer pays them only part of their net salary on the basis of an enforcement order.
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Finance and financial management · Legislation and amendments · Business and start-ups · July 19, 2023
Amendment to the Cash Payments Act effective from 1 July 2023
Act No. 394/2012 Coll. on the Limitation of Cash Payments, which sets out rules on restricting the use of cash payments, took effect on 1 January 2013. An amendment to this act, effective from 1 July 2023, has unified the restriction on cash payments at a value exceeding €15,000 for both individuals and legal entities.
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Finance and financial management · Cryptocurrencies · Legislation and amendments · Accounting · July 5, 2023
Changes in the taxation of cryptocurrencies and other investment instruments
In April 2023, a group of Members of the National Council of the Slovak Republic submitted to parliament a bill amending and supplementing Act No. 595/2003 Coll. on Income Tax, as amended, and amending and supplementing certain acts. The amendment passed its third reading on 28 June 2023 and takes effect from 1 January 2024.
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Finance and financial management · Business and start-ups · June 21, 2023
Transferring assets from a sole-trader business to an s.r.o.
When we start a business and are not sure whether it will work out, we usually choose the simpler form of doing business, i.e. a trade licence. But what should we do if things are going well, we have a high turnover and we do not want to pay high social and health insurance contributions? To save money, we decide to switch to a limited liability company (s.r.o.). But what should we do with the goods and assets we bought under the trade licence?
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Finance and financial management · Legislation and amendments · Accounting · Employment and labour law · June 7, 2023
Changes to wage supplements and various pay benefits from 1 June 2023
After more than 2 years, the amounts of wage supplements are changing. The fixed supplement amount will change to a percentage of the hourly minimum wage. So from 1 June 2023, supplements will once again be linked to the hourly minimum wage as a percentage.
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Finance and financial management · Legislation and amendments · Business and start-ups · Employment and labour law · May 31, 2023
Employing people for seasonal work from 2023
Employing people for seasonal work from 2023 From 2023, employers who need to hire people for short-term work have the option of concluding an agreement on work activity for seasonal work.
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Finance and financial management · Legislation and amendments · May 24, 2023
Subsistence minimum
WHAT SHOULD THE SUBSISTENCE MINIMUM BE FROM 1 JULY 2023? As every year, the subsistence minimum is going up again, with one change: the way the subsistence minimum amounts are calculated. The amendment to the Act on Assistance in Material Need was approved with several changes concerning the mechanism for indexing the subsistence minimum amounts.
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Finance and financial management · Business and start-ups · Accounting · May 17, 2023
Payouts from other capital funds
IS A PAYOUT FROM A COMPANY’S OTHER CAPITAL FUNDS TAXABLE INCOME? Income from a payout of other capital funds, if it accrues to an individual, is taxable income that forms part of other income under Section 8 of the Income Tax Act.
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Finance and financial management · Business and start-ups · May 4, 2023
Taking money out of an s.r.o.
WHAT ARE THE WAYS OF TAKING MONEY OUT OF AN S.R.O.? Did you finish last year in profit? Have you met your obligations, filed your tax return and paid your tax, and now you do not know how to pay yourself money out of the company? There are several ways you can take money out of your company.
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Finance and financial management · Legislation and amendments · Business and start-ups · Employment and labour law · April 26, 2023
Meal allowance increase in Slovakia: what is changing for employees and self-employed persons from June 2023 (proposal)
The Ministry of Labour, Social Affairs and Family of the Slovak Republic recently published a draft measure on meal allowance amounts (LP/2023/209) on the slov-lex.sk portal. This draft will go through the inter-ministerial comment procedure. The new meal allowance amounts are expected to apply from 1 June 2023.
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Finance and financial management · Social and health insurance contributions · Employment and labour law · April 12, 2023
Minimum pension – the amount I have to pay for a year to count towards my years worked
What is a period of pension insurance? A period of pension insurance is a period for which pension insurance contributions were paid, and it is also counted towards the insurance period for calculating the pension. Entitlement to a minimum pension? When it comes to entitlement to a minimum pension, however, two periods of pension insurance need to be distinguished.
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