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ASB Slovakia: Ultimate Beneficial Owner

By the legally binding and effective wording of the Act No. 530/2003 Coll. on Commercial register, as amended, the obligatory registration of Ultimate Beneficial Owner (hereinafter as “UBO”) of each legal entity is established.

ANNUAL RECONCILIATION OF INCOME TAX ADVANCES FROM DEPENDANT ACTIVITIES

Declaration of taxpayer liable to income tax for 2019 With the arrival of 2019, it is necessary to ensure that the form, the Declaration of the taxpayer liable to personal income tax from dependent activities is signed by employees who wish to claim tax allowances in terms of the new year. For the year 2019, the single tax rate remains at 15 %. When calculating personal income advances, the amount is increased by a solidarity tax surcharge of 7 % from income exceeding 130,796 CZK a month.

ASB Slovakia has advised REDSIDE on the largest industrial investment transaction of 2018 in Slovakia.

The fund management company REDSIDE has successfully closed the largest industrial transaction of this year in Slovakia. The prime investment opportunity drove exceptionally strong interest among a number of institutional investors and asset managers. The purchaser, REDSIDE investicni spolecnost, a.s., manages assets worth over EUR 500 mln in five funds. With this acquisition REDSIDE enters the Slovak industrial real estate market. The value of the transaction is close to EUR 90 mln. The park was developed in 2010 and currently leased to a portfolio of premium automotive and electronics tenant base.

TAX UPDATE IN THE CZECH REPUBLIC

As usually the approaching year end is accompanied by hectic adoption of amendments to tax laws. The effective date of tax amendments planned for 1 January of the coming year will be postponed. Despite that fact, we have prepared a summary of tax news so that you have enough time prepare for the expected changes. We trust that you will find the articles included in this issue of the ASB tax news useful. Should you request any further information on the topics covered, please do not hesitate to contact us. ASB Tax Team Czech