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					Amendments:
                        Act. 391/2004 Coll.
                        Act 538/2004 Coll.
                        Act 539/2004 Coll.
                        Act 659/2004 Coll.
                        Act 68/2005 Coll.




Act. 391/2004 Coll.
...
                                                               Section III.

 Act 595/2003 Coll. on Income Tax, as later amended by Act 43/2004 Coll., Act 177/2004 Coll. and Act 191/2004 Coll. is
hereby amended as follows:

 In Section 5, subsection 1c), after the words "public protector of rights" is added, to read as follows: "members of the
European Parliament", who have been elected within the territory of the Slovak Republic."

...
                                                               Section V.

      This Act shall come into force as of the date of publication.

                                                   Ivan Gašparovič, in his own hand
                                                   Pavol Hrušovský, in his own hand
                                                   Mikuláš Dzurinda, in his own hand


 Act 538/2004 Coll.
                                                                ACT
                                                       of 21 September 2004,
                                              amending Act 595/2003 Coll. on income tax
                                                            as amended

      The National Council of the Slovak Republic adopted the following Act:

                                                                Section I

  Act 595/2003 Coll. on Income Tax, as later amended by Act 43/2004 Coll., Act 177/2004 Coll. and Act 191/2004 Coll. and
Act 391/2004 Coll., is hereby amended as follows:

      Section 52 shall be supplemented with subsection 38, which shall read as follows:

  " (38) Taxation of interest received on mortgage bonds issued prior to 31 December 2003 shall be subject to provisions on
exemption of interest received from taxation, as stipulated in Section 4, subsection 2p) and Section 19, subsection 2e) of Act
366/1999 Coll. on income tax, as later amended, also after 31 December 2003. "

                                                                Section II

      This Act shall come into force as of the date of publication.

                                                   Ivan Gašparovič, in his own hand
                                                   Pavol Hrušovský, in his own hand
                                                   Mikuláš Dzurinda, in his own hand
Act 539/2004 Coll.
                                                            ACT
                                                   of 21 September 2004,
                                          amending Act 595/2003 Coll. on income tax
                                                        as amended

  The National Council of the Slovak Republic adopted the following Law:

                                                            Section I

  Act 595/2003 Coll. on Income Tax, as later amended by Act 43/2004 Coll., Act 177/2004 Coll., Act 191/2004 Coll., Act
391/2004 Coll. and Act 538/2004 Coll. is hereby amended as follows:

  1. Section 19, subsection 2 e) shall read as follows:

" e) the expenses (cost) of a taxable party receiving income as referred to in Section 6, subsections 1 and 2, incurred in
connection with an activity performed in a place other than the regular place of its activity, and not exceeding the amount
applying to employees under specific regulation 87) for accommodation, catering and travelling by means of transport, and
inevitable expenditures connected with the stay in this place, and in connection with an activity performed in a foreign
country also a sum up to 40% of the meal allowance entitlement applicable under the specific regulation; 87) if the taxable
party uses their own motor vehicle for travelling, other than that included in the business assets, such a taxable party shall
deduct expenses (cost) up to the sum of the consumed fuel and the basic per km refund, as referred to in the specific
regulation, 87) for each kilometre travelled."

  2. Section 19, subsection 2 l) shall read as follows:

"l) the expenses (cost) of consumed fuel at the price prevailing at the time of purchase thereof, calculated at the rate of
consumption as specified in the vehicle's technical certificate or, where such a rate or consumption is not specified in the
vehicle's technical certificate, or the vehicle or the equipment is used for a type of operation for which no specification of the
rate of consumption is contained in the vehicle's technical certificate, at a rate of consumption evidenced by another reliable
document."

  3. At the end of Section 21, subsection 1 i), the full-stop is hereby replaced by a semicolon, and a supplement is added to
read as follows: "this provision shall not apply to expenses (cost) referred to in Section 19, subsection 2 e),

                                                            Section II

  This Act shall come into effect on 1 November 2004.

                                               Ivan Gašparovič, in his own hand
                                               Pavol Hrušovský, in his own hand
                                               Mikuláš Dzurinda, in his own hand


Act 659/2004 Coll.

                                                            ACT
                                                    of 26 October 2004,
                                            amending Act 595/2003 on income tax
                                                        as amended

  The National Council of the Slovak Republic adopted the following Act:

                                                            Section I

  Act 595/2003 Coll. on Income Tax, as later amended by Act 43/2004 Coll., Act 177/2004 Coll., Act 191/2004 Coll., Act
391/2004 Coll., Act 538/2004 Coll. and Act 539/2004 Coll. is hereby amended as follows:

  1. Section 2, paragraph s) shall read as follows:
" s) the term "financial leasing" – shall mean acquisition of a tangible asset under a leasing contract with a purchase option,
insofar as
   1. the title should pass, without any undue delay after expiration of the lease term, to the lessee at a purchase price not
exceeding the book value of the leased tangible asset that the asset would have if it was subject to linear depreciation, asset
and
   2. the lease term is not less than 60% of the depreciation time set forth in Section 26, subsection 1, and not less than
three years, provided that in the case of assignment of the leasing contract without modifications the preceding condition
shall apply to the leasing contract as a whole.

  2. Section 2 shall be supplemented with paragraph t, which shall read as follows:

"t) the term "taxable party from a Member State of the European Union" – shall mean an individual or a legal entity that is
subject to taxation in the territory of such a Member State of the European Union from income received from sources located
in the territory of such a Member State of the European Union, as well as sources located outside the territory of such a
Member State of the European Union, and that is not classified in the territory of the Slovak Republic as a taxable party with
unlimited tax liability."

  3. Section 2 shall be supplemented with paragraph u), which shall read as follows:

"u) the term "special-purpose savings" shall mean funds deposited in bank accounts, or payments of premiums under a life
insurance policy, or financial investments made through companies providing financial investment services orcollective
investment services, authorised to provide such services under specific regulations, for the purposes of assuring income to
be received by a taxable party after the 55th year of their life."

  4. In Section 3, subsection 2 f), an amendment shall be added after the word "shares 7)", reading as follows:
"and units 7a)", and the word "including" shall be replaced by the words "as well as income received due to".

  The footnote 7a) shall read as follows:

"7a) Sections 144 and 223 of the Commercial Code."

  5. Section 4 shall be supplemented with subsection 9, which shall read as follows:

  "(9) The tax base of a taxable party earning income fro business operations (Section 6) shall be assessed in respect of the
calendar year, even if the taxable party has become subject to a bankruptcy or settlement procedure; the taxable party shall
be required to compile financial statements for this purpose as of the last day of the calendar year, without prejudice to the
obligation to compile financial statements arising under specific regulation 77)."

  6. At the end of Section 5, subsection 1 a), an amendment shall be added, reading as follows:

  "income received by doctor-degree students from the doctor-degree study".

  7. In Section 5, subsection 7 b), the reference 19, including the footnote relating thereto, shall be deleted.

  8. In Section 6, subsection 2 a), the words "similar to copyright, 27" shall be replaced by the words "related to
copyright, 27)".

  The footnote relating to the reference 27 shall read as follows:

"27) For instance Act no. 527/1990 Coll. on inventions, industrial designs and proposals for inventions, as later amended, Act
no. 618/2003 Coll. on copyright and rights related to copyright (Copyright Act)."

  9. The footnote relating to reference 29 shall read as follows:

"29) Act no. 382/2004 Coll. on experts, interpreters and translators, and amendments to particular acts."

  10. Section 6, subsection 10 shall read as follows:

   "(10) If a taxable party that is not subject to VAT taxation, or a taxable party that is subject to VAT taxation during a part of
the tax period only, does not deduct eligible provable tax expenses, it may deduct expenses up to 25% of the aggregate
income referred to in paragraphs 1 and 2, with the exception of a taxable party earning income only from artisan trades
under the specific regulation, 33), which may deduct expenses up to 60%. If a taxable party earning income referred to in
paragraph 3 is not subject to VAT taxation, or is subject to VAT taxation during part of the taxation period only, does not
deduct eligible provable expenses, it may deduct expenses up to 25% of such income. If a taxable party deducts expenses
under this paragraph, the sum of such expenses shall be inclusive of all expenses of the taxable party other than any
insurance premiums and contributions as a taxable party may be liable for;the taxable party shall deduct such premiums and
contributions as expenses up to the evidenced amount. During the period of applying this tax expense deduction method, the
taxable party shall keep records of its income, subject to appropriate chronologic order, and inventories and receivables."

  11. At the end of Section 7, subsection 1 d), the full-stop shall be replaced by a semicolon, and a supplement shall be
added, reading as follows: "the same assessment shall also apply to any severance payments under the specific regulation,
35)."

  The footnote relating to the reference 35 shall read as follows:

"35) Act no. 650/2004 Coll. on supplementary old-age pension schemes, and amendments to particular acts."

   12. At the end of Section 8, subsection 5 b), an amendment shall be added to read as follows: "provided that in the case
of real estate, the applicable value shall be the acquisition value ascertained at the time of acquisition under specific
regulation, 37a)."

  The footnote 37 a) shall read as follows:

"37a) For instance Act no. 382/2004 Coll."

  13. At the end of Section 8, subsection 10, the second sentence, the full-stop shall be replaced by a colon, and an
amendment shall be added, reading as follows: "equal to the acquisition cost or the in-house cost of the operator or
organiser of the game, contest or draw, or the provider of the prize."

  14. In Section 9, subsection 1 a) shall read as follows:

"a) from sale of a flat or residential house with not more than two flats, inclusive of related land, if the seller had been
registered there as a permanent resident during a period of two years immediately prior to the sale, except
   1. proceeds received from the sale of such real estate that has been included in the business assets, during a period of
five years following deletion from business assets, and
   2. income earned by the taxable party under a future sale agreement made in respect of such real estate with a period of
two years after the beginning of the permanent residency therein, or five years after the deletion thereof from business
assets, even if the purchase contract shall be made only after two years following the beginning            of the permanent
residency, or five years after the deletion thereof from business assets."

   15. In Section 9, subsection 1 b), the words "real estate other than that provided for in paragraphs a) and c)" shall be
replaced to read as follows: "real estate that is not subject to tax exemption under paragraphs a) or c)"; and the words
following the semicolon, including the semicolon shall be deleted.

  16. In Section 9, subsection 1c), an amendment shall be added after the words "spouses", reading as follows: "other than
real estate exempted from " taxation under paragraph a)."

   17. At the end of Section 9, subsection 1 f), an amendment shall be added, reading as follows:
"including write-off of debts to creditors who failed to register their claims against the taxable party in the bankruptcy
procedure or arrangement with creditors, shall apply also to the write-off of debts of a taxable party that is subject to wind-up
through dismissal of a petition for bankruptcy due to insufficient assets and a taxable party being wound up due to dismissal
of a bankruptcy procedure due to insufficiency of the bankrupt's assets for the settlement of expenses and the bankruptcy
receiver's fee."

  18. The footnote relating to the reference 39 shall read as follows:

For instance Family Act no. 94/1963 Coll., as amended; Act no. 452/2004 Coll. on subsistence."

  19. At the end of Section 9, subsection 1 h), the full-stop is replaced by a semicolon, and an amendment shall be added,
reading as follows: if income determined in accordance with the preceding exceeds five times the minimum living wage
applicable as of 1 January of the relevant tax period, the tax base shall incorporate only income exceeding such a
determined sum; any expenses not included in the tax base, allocated to the sum of exempted income, shall be determined
according to a ratio equalling to the ratio of exempted income to total income included in the tax base."

  20. The footnote relating to the reference 46 shall read as follows:

"46) Act no. 5/2004 Coll. on employment services and amendments to certain acts pursuant to Act no. 191/2004 Coll.

   21. In section 9, subsection 2 k), an amendment shall be added after the word "scholarships 51)", reading as follows:
"other than doctor-study scholarships".

  22. Section 9, subsection 2 shall be supplemented with paragraph(r), which shall read as follows:

"r) interest on, and other income from, deposits, loans and borrowings, income from allotment certificates, bonds, deposit
certificates, treasury bonds, bank deposits and other securities and deposits of equal ranking, earned from a source located
in the territory of the Slovak Republic by an individual who is a taxable party subject to the jurisdiction of another Member
State of the European Union, and who is the final recipient of such income.

  23. Section 9, subsection 2 shall be supplemented with paragraphs s) and t), which shall read as follows:

" s) income from government bonds of the Slovak Republic, issued and registered abroad,
  t) funds received from grants provided under international treaties binding upon the Slovak Republic. ".

  24. Section 9 shall be supplemented with subsection 5, which shall read as follows:

  " (5) The date of deletion of an asset from a taxable party's business assets shall be the date when such a taxable party
made the last book entry of the assets in its accounting system or records kept under Section 6, subsection 11.".

   25. In Section 11, subsection 1 b), a supplement is added after the words "own income", reading as follows: "in the
relevant tax period".

  26. Section 11, subsection 1 shall be supplemented with paragraphs c) and d), which shall read as follows:

" c) contributions paid to an old-age pension savings scheme under specific regulation, 35)
  d) special-purpose savings.".

  27. In Section 11, subsection 2, the words "or service benefits payable if the employee was in service for at least 15 years
65)", including the footnote relating to the reference 65 shall be deleted.

   28. At the end of Section 11, subsection 4, an amendment shall be added, reading as follows: "or if the spouse has their
own income in the relevant tax period, the sum equalling to one twelfth of the difference calculated pursuant to subsection 1
b)."

  29. Section 11 shall be supplemented with subsections 5 and 6, which shall read as follows:

   " (5) Contributions paid by a taxable party under an old-age pension fund, as referred to in subsection 1 c), and funds paid
by the taxable party as special-purpose savings, as referred to in subsection 1 d), shall be deductible for the tax base up to
the sum provably paid during the relevant tax period, subject to upper limit of SKK 12,000. Eligibility for the tax allowance
under subsection 1c) shall be conditional upon satisfaction of the conditions specified in the specific regulation 35), and
eligibility for the tax allowance under subsection 1 d) shall be subject to the satisfaction of the below conditions:

 1. the agreed special-purpose savings payment term is at least ten years, provided that the taxable party is not entitled to
claiming any payments from the special-purpose savings prior to the expiration of that term, and
 2. any payment from the special-purpose savings shall be made only upon the taxable party reaching the age of 55.

  If a taxable party fails to meet a condition set in subsection 5, the sum of contributions to the supplementary old-age
pension savings scheme, and specific-purpose saving payments deducted from tax base during the previous tax periods
shall be added to the tax base not later than the third tax period following the end of the tax
period when the required conditions were not met."

  30. Section 12, subsection 1 shall read as follows:
   " (1) The tax base of a taxable party which is
 a) a trust company creating unit funds 66) shall comprise only income of the trust company;
 b) supplementary old-age pension savings company creating supplementary old-age pension funds, 35) shall comprise only
income of the supplementary old-age pension savings company.".

  31. In Section 12, subsection 3 the words "supplementary old-age pension insurance company, 35)" shall be deleted.

  32. In Section 12, subsection 7 d), an amendment shall be added after the word "shares 7)", reading as follows: "and
units 7a)", and the word "including" shall be replaced by the words "as well as income received due to.".

   33. At the end of Section 13, subsection 1 d), an amendment shall be added to read as follows:
"including write-off of debts to creditors who failed to register their claims against the taxable party in the bankruptcy
procedure or arrangement with creditors; the same shall apply also to write-off of debts of a taxable party that is subject to
dismissal of a petition for bankruptcy due to insufficient assets, and a taxable party being wound up due to dismissal of a
bankruptcy procedure due to insufficiency of the bankrupt's assets for the settlement of expenses and bankruptcy receiver's
fee."

  34. Section 13, subsection 2 shall be supplemented with paragraphs e) through h), which shall read as follows:

" e) interest accrued on accounts paid to the Treasury,
   f) income from government bonds of the Slovak Republic, issued and registered abroad,
  g) interest and other income accrued on deposits, loans and borrowings, income from allotment certificates, bonds, deposit
certificates, treasury bonds, bank deposits and other securities and deposits of the same ranking, earned from a source
located in the territory of the Slovak Republic by a legal entity which is a taxable party subject to the jurisdiction of a Member
State of the European Union, and is the final recipient of such income from a taxable party referred to in Section 2,
subsection 2d), point 2, provided that before the date of payment of the income, during a period of at least twenty four
subsequent months
    1. the taxable party making the payment of such income has held at least a 25% direct share in the registered capital of
the final recipient of such income, or
    2. the final recipient of such income has held at least a 25% direct share in the registered capital of the taxable party
making the payment of such income, or
    3. another legal entity having its residence in a Member State of the European Union has held at least a 25% direct share
in the registered capital of the taxable party making the payment of such income, and has held at least a 25% direct share in
the registered capital of the final recipient of such income,
 h) funds received from grants provided under international treaties binding upon the Slovak Republic. ".


  35. Section 13, subsection 2 shall be supplemented with paragraph i), which shall read as follows:

" i) income, as referred to in Section 16, subsection 1 e), point one, earned from a source located in the territory of the Slovak
Republic by a legal entity which is a taxable party subject to the jurisdiction of a Member State of the European Union which
is also the final recipient of such income from a taxable party, as referred to in Section 2, subsection 2d), point 2, provided
that before the date of payment of such income, during a period of twenty four subsequent months
    1. the taxable party making the payment of such income has held at least a 25% direct share in the registered capital of
the final recipient of such income, or
    2. the final recipient of such income has held at least a 25% direct share in the registered capital of the taxable party
making the payment of such income, or
    3. another legal entity having its residence in a Member State of the European Union has held at least a 25% direct share
in the registered capital of the taxable party making the payment of such income, and has held at least a 25% direct share in
the registered capital of the final recipient of such income.".

   36. In Section 14, subsection 3, the second sentence shall read as follows: "The tax base of a taxable party which is a
supplementary old-age pension company creating supplementary old-age pension funds shall be assessed only in respect of
the supplementary old-age pension saving company. ".

   37. At the end of Section 14, subsection 6, a new sentence shall be added to read as follows: "This part of the tax base, or
tax loss shall be included in the tax base in the tax period when the general commercial partnership filed its tax return.".

  38. In Section 17, subsection 1a) shall read as follows:
"a) in the case of a tax party using a single-entry accounting system 1), or a taxable party keeping records pursuant to
Section 6, subsection 10, or subsection 11 from the difference between its expense and income."

  39. Section 17, subsection 3 shall be supplemented with paragraph i), which shall read as follows:

"i) the income and the acquisition costs of the security charged on account of expense (revenue) at the time of securitisation
transfer of the security by the debtor, and at the time of the return transfer of the security by the creditor."

  40. In Section 17, subsections 15 through 17 shall read as follows:

    "(15) When cancelling adjustments or provisions on account of accumulated retained profits 1), the tax base shall be
increased by the charged sum of balances of such accounts, insofar as the creation thereof is deemed to be a tax expense.
If, pursuant to book records 1), corrections of errors concerning eligible tax expenses and corrections of errors concerning
income included in taxable income in respect of previous tax periods have been charged on account of retained profits, 1)
the sum resulting from such corrections shall be added to the tax base.

   (16) In the case of a taxable party not incepted or established as a business (Section 12, subsection) 2), when an asset
that has been used for purposes generating taxable income is sold, the positive difference between proceeds from the sale
and the book acquisition cost of the asset shall be included in the tax base, and increased by any provable costs incurred in
the reconstruction and upgrade of such an asset, and reduced by depreciation deducted as tax expenses, calculated
pursuant to Section 27 or Section 28. When a tangible asset is sold, where the assets has been used by the taxable party for
an activity other than generating taxable income , the tax base shall also include the positive difference between proceeds
from the sale and the book acquisition cost of the asset, increased by any provable costs incurred in the reconstruction and
upgrade of such an asset.

   (17) If, prior to the beginning of a tax period, the taxable party delivers to the tax administrator notification of non-inclusion
of exchange rate differences, arising in the accounting due to unrealised collection of receivables or outstanding debts as of
the date of the financial statements, in the tax base for the period when the exchange rate differences have been posted,
these shall be included in the tax base in the tax period when the receivable has been collected, or the debt paid. In the tax
period when the taxable party delivers to the tax administrator a notification of termination of non-inclusion of such exchange
rate differences in the tax base, it shall include in the tax base also any exchange rate differences recorded in books that
have not been included in the tax base during previous tax periods.

  41. In Section 17, subsection 18, the second sentence shall read as follows: "The tax base shall not include goodwill or
badwill depreciation (dissolution)."

  42. At the end of Section 17, subsection 19, an amendment shall be added to read as follows: "or Section 25, subsection
1g)."

   43. In Section 17, subsection 22 b), a colon shall be added after the word "tenancy", followed by a supplement reading as
follows: "if the landlord has not increased the initial price by the value of the technical upgrade."

  44. Section 17 shall be supplemented with subsection 26, which shall read as follows:

   "(26) The tenant's tax base in the tax period when
 a) the financial leasing conditions, as referred to in Section 2, subsection s), have not been satisfied, shall be adjusted for
the difference of any depreciation previously deducted under Section 26, subsection 8 and depreciation deductible by the
owner under Section 27 or Section 28.
 b) after the expiration of the term of a lease other than financial leasing the leased thing was purchased at a purchase price
lower than the book value that the leased thing would have if depreciated under Section 287 or Section 28, for the difference
between the lease fees already deducted and the depreciation deductible by an owner under Section 27 or Section 28."

  45. In Section 18, subsection 3a), the word "independent" shall be replaced by the word "dependent".

  46. In section 19, subsection 2c), point four, the reference "19" shall be replaced by reference "86a".

  The footnote relating to the reference no. 86a shall read as follows:
"86a) For instance Section 152 of the Labour Code."
   47. At the end of Section 19, subsection 2h), point one, an amendment shall be added to read as follows: "including
taxable parties that have not registered their claims, but produce a court decree of bankruptcy dismissal due to insufficiency
of the bankrupt's assets for the settlement of expenses and the bankruptcy
receiver's fee, or a court decree of dismissal of a petition for bankruptcy or bankruptcy proceeding."

   48. In Section 19, subsection 2 i), an amendment shall be added after the words "amounting to", reading as follows: "the
face value of the receivable, net of any extra items, or."

  49. In Section 19, subsection 3 n) shall read as follows:

"n) a membership fee arising from optional membership in a legal entity established for purposes of protecting interests of
the payer, up to 0.5% of the aggregate taxable income for the current tax period, subject to an upper limit of SKK 2,000,000
p.a."

  50. In Section 19, subsection 3 o) shall read as follows:

"o) the portion of a rent payable under a financial leasing agreement, exceeding the depreciation deducted by the lessee
under Section 26, subsection 8, included in the tax base during the entire term of the lease agreement under specific
regulation, 1)."

  51. Section 19, subsection 3 shall be supplemented with paragraph r), which shall read as follows:

"r) a membership fee arising from mandatory membership in a legal entity.".

  52. In Section 19, subsections 5 through 7 shall be deleted.

  The current subsection 8 shall be renumbered to as subsection 5.

  53. In Section 20, subsection 9a) shall read as follows:

" a) unused leave entitlements, including insurance premiums and contributions that an employer is required to pay for its
employee; fees and bonuses, including insurance premiums that an employer is required to pay for           its employee; non-
invoiced supplies and services; compilation, review, and publication of financial statements and an annual report; compilation
of the tax return.".

  54. At the end of Section 20, subsection 10, the first sentence, an amendment shall be added, reading as follows: "or the
decision approving arrangement with creditors.".

  55. In Section 21, subsection 1, paragraphs j) and k) shall be added to read as follows:

"j) the expenses (cost) incurred in relation to income not included in the tax base,
 k) the expenses (cost) incurred in the purchase of treasury stock, at a sum equal to the excess above the nominal value of
the shares.".

  56. In Section 21, subsection 3 shall be deleted.

   57. In Section 22, subsection 9, an amendment shall be added after the words "deduction of depreciation", reading as
follows: "tangible assets".

  58. In Section 23, subsection 1e) shall read as follows:

"e) tangible national cultural monuments113).".

  59. In Section 23, subsection 2, paragraph a) shall be deleted.

  The current paragraphs b) through f) shall be renumbered to paragraphs a) through e).

  60. In Section 34, subsection 1, paragraph a) shall be deleted.

  The current paragraphs b) through e) shall be renumbered to paragraphs a) through d).
  61. In Section 24, subsection 1d), the word "tangible" shall be added at the beginning.

  62. In Section 25, subsection 1e), an amendment shall be added after the words "to tangible movable assets", reading
"and tangible immovable assets", and a supplement reading "in the event of failure to pay the debt or a part thereof" after the
word "which".

  63. Section 25, subsection 5 shall be followed by a new subsection 6, which shall read as follows:

   "(6) If a tangible asset is acquired through financial leasing, the acquisition cost on the part of the lessee shall not include
the value added tax.".

  The current subsection 6 shall be renumbered to subsection 7.

  64. In Section 26, subsection 8, the first sentence, the words "the acquisition cost" ascertained on the part of the lessor"
shall be replaced by the words " the principal value pursuant to the specific regulation, 1)."

  65. Section 29, subsection 2 shall be followed by a new subsection 3, which shall read as follows:

  "(3) Technical upgrade shall mean also any technical upgrade worth more than SKK 30,000 for the tax period,
where the acquisition cost of the upgraded long-term tangible asset 1) was SKK 30,000 or less. Such a technical upgrade
shall be added to the acquisition cost of the long-term tangible asset, and the applicable depreciation, calculated pursuant to
Section 26, shall be applied.".

  The current subsections 3 and 4 shall be renumbered to subsections 4 and 5.

   66. In Section 31, subsection 1, the first sentence shall read as follows: "For taxation purposes, any conversion of a
foreign exchange to the Slovak currency shall be done at the Slovak crown/foreign exchange rate published by the National
Bank of Slovakia (hereinafter "exchange rate") applied by the taxable party in its accounting system, unless this Act
stipulates otherwise.".

   67. At the end of Section 31, subsection 3, a new sentence shall be added to read as follows "The same method shall be
applied to any other income, as referred to in Section 16, to which the tax collection referred to in Section 43 applies, where
the tax is secured under Section 44, provided that the conversion of the tax withheld, or the sum of the tax to be withheld as
tax security, shall be based on the exchange rate effective on the date of the actual withholding."

   68. At the end of Section 32, subsection 2 b), an amendment shall be added to read as follows: "unless otherwise
stipulated elsewhere in this Act.".

  69. At the end of Section 32, subsection 2d), an amendment shall be added to read as follows: "or shall increase the tax
base due to failure to satisfy the eligibility conditions for tax allowance, as referred to in Section 11, subsection 5".

  70. In Section 32, subsection 3 b) shall read as follows:

"b) other types of income, as referred to in Sections 6 through 8, unless exempted from tax, except income where the tax
collection provided for in Section 43 applies, insofar as such tax collection means fulfilment of the tax liability (Section 43,
subsection 6), or if the taxable party fails to apply the procedure referred to in Section 43, subsection 7, or increases the
tax base due to failure to satisfy the eligibility conditions for tax allowance, as referred to in Section 11, subsection 5.".

  71. Section 32, subsection 4 shall read as follows:

   "(4) A taxable party shall not be obliged to file a tax return if it receives only income
 a) referred to in Section 5, and is not required to file a tax return under subsection 2, or
 b) which is subject to the tax collection provided for in Section 43, and the taxable party does not apply the procedure
provided for in Section 43, subsection 7, or
 c) as referred to in Section 5, and such income is received from a foreign embassy operating in the territory of the Slovak
Republic, if it is a taxable party not having its permanent residence in the territory of the Slovak Republic, or from a
dependant activity, as normally received by employees of European Communities, or their agencies, which has been
provably taxed in favour of the general budget of the European Union, or
 e) which is exempted from tax liability.".

  72. Section 32 shall be supplemented with paragraphs 9 and 10, which shall be read as follows:
   "(9) If a tax return is filed by taxable party which is not required to file the tax return under subsections 1 and 2, or is not
subject to the tax return filing obligation under subsection 3, and their employer as taxpayer 122) has performed their annual
tax clearing under Section 38, shall tax return shall be deemed to be a correction or additional tax return, as referred to in
the specific regulation, 122a), provided that such an annual clearing made under Section 38 shall be in this case deemed to
be a filed regular tax return.

  A tax payer filing a tax return and claiming a tax bonus under Section 33, shall prove its entitlement to such a bonus by
producing a document or certificate, as referred to in Section 37, subsection 2, as an integral part of the tax return, except
an employee to whom the tax bonus claimable under Section 33 has been paid by their employer in full."

  The footnote relating to the reference no. 122a shall read as follows:

"122a) Section 39 of the Act of the Slovak National Council no. 511/1992 Coll., as amended."

   73. At the end of Section 33, subsection 3, the words "bonus, of the spouse of the child does not have any income from
which the tax allowance under Section 11, subsection 1b)" shall be replaced by an amendment reading as follows: "bonus
after the expiration of the tax period if the spouse of the child does not have any income for this tax period in excess of the
sum referred to in Section 11, subsection 1a).".

   74. In Section 33, subsection 11, an amendment shall be added after the words "this Act", reading as follows:
"or has requested the tax administrator to remit a tax bonus exceeding the sum provided for in this Act."

  75. In Section 34, subsection 1, the words "in this tax period" shall be replaced by the words "for this tax period".

    76. At the end of Section 34, subsection 5, the full-stop shall be replaced by a colon, and an amendment shall be added,
reading as follows: "provided that the tax advances paid before such a change exceed the tax advances calculated from the
filed tax return, the excess of the sum of tax advances derived from the last known tax liability above the sum of tax
advances calculated from the filed tax return shall be set off against future tax advances payable after the change.".

   77. In Section 35, subsection 1b), the sentence following after the last semicolon shall read as follows: "the tax allowance
referred to in Section 11, subsections 1 b) through 1d), and Section 11, subsection 2 shall be considered by an employer as
tax payer, 122) only at the time of performing the annual clearing for the tax period concerned.".

   78. At the end of Section 35, subsection 3 a), an amendment shall be added, reading as follows:
"or if the employee has not become liable to the tax return filing obligation under Section 32, the tax shall be deemed to
have been settled as at the date prescribed for the tax return filing (Section 49)."

   79. At the end of Section35, subsection 5, a new sentence shall be added to read as follows: "If the employee is subject
to the provisions concerning a minimum living wage under specific regulation, 131a), such a minimum living wage shall be
taken in account also in respect of the month when the employee claiming a tax bonus has reached 16 years of age, or when
a minor employee has reached the majority age 131b), or when the employer has become, or ceased to be, a disability
pension beneficiary.".

  Footnotes to references no. 131a and 131b shall read as follows:

"131a) Section 2, subsections 1c) through 1d) of the Act of the Slovak Republic National Council no. 90/1996 Coll., as later
amended.
 131b) Section 8 of the Civic Code."

  80. Section 35 shall be supplemented with subsection 9, which shall read as follows:

   "(9) An employer which is a taxpayer 122) and pays an aggregate taxable wage for several calendar months of the
relevant tax period shall calculate a tax advance and allocate and pay a tax bonus as if the taxable wage was paid in each
calendar month individually, if such a taxation method is more advantageous for the employee.”.

  81. Section 37, subsection 2 shall be supplemented with paragraph c), which shall read as follows:

"c) by producing a document proving that the minor employee shall reach the majority age 131c), or is deemed to be
disabled pursuant to a decision on granting, or revocation of, a disability pension.".
  The footnote relating to reference no. 131c shall read as follows:

"131c) Section 8, subsection 2 of the Civic Code.".

   82. In Section 38, subsection 1, an amendment shall be added after the words "Section 43, subsection 7", reading as
follows:
"or is not obliged to increase the tax base due to failure to satisfy the eligibility conditions for tax allowance, as referred to in
Section 11, subsection 5.".

   83. In Section 38, subsection 4, an amendment shall be added after the words "Section 11, subsection 2", reading as
follows:
"the tax allowance referred to in Section 11, subsections 1c) and 1d).".

  84. Section 38, subsection 4 shall be supplemented with paragraphs d) and e), which shall read as follows:

"d) that it claims the tax allowance under Section 11, subsections 1c) and 1d), and satisfies the eligibility conditions for such
a tax allowance, as referred to in Section 11, subsection 5,
 e) that it is not obliged to increase the tax base for the tax base to which the requested annual clearing applies due to failure
to satisfy the eligibility conditions for tax allowance, under Section 11, subsection 5."

  85. In Section 39, subsection 1, the number "3" shall be replaced by the number "4".

  86. In Section 39, subsection 2f), point two, the word "posted" shall be replaced by the word "paid".

  87. At the end of Section 39, subsection 5 b), the word "or" shall be added.

  88. Section 39, subsection 5 shall be supplemented with paragraph c), which shall read as follows:

"c) till 10 February after the end of the tax period during, or for which the employer which is a taxpayer 122) paid an income
from dependent activities to an employee who requests an annual clearing from another employer that is a taxpayer 122), if
they apply for issuance of such a document not later than 5 February following the end of the tax period.".

  89. In Section 39, subsection 6, the words "and which is obligate to file a tax return for this tax period shall be deleted.

   90. At the end of Section 40, subsection 2, the first sentence, the full-stop shall be replaced by a colon, and an
amendment shall be added, reading as follows: "if, during this tax period, the tax bonus difference derived from the annual
clearing (Section 38), or the filed tax return (Section 33, subsection 6) has not been paid to the employee.".

  91. Section 40, subsection 7 shall read as follows:

    "(7) If an employer who is a taxpayer 122) failed to indicate correct data in the document issued under Section 39,
subsection 5 for the tax period to an employee who has filed a regular or additional tax return in respect of such a period, or
to whom another employer has provided the annual clearing under this Act (Section 38) such an employer shall issue to the
employee a correct document within a period of one month following the date when the additional tax assessment levying a
tax or tax difference upon such an employer who is a taxpayer 122) became enforceable. In this case, the procedure
provided for in specific regulation 132a) shall not apply to the income referred to in Section 5, earned by the employee who
filed a regular or additional tax return for this tax period.".

  The footnote relating to reference no. 132a shall read as follows:

"132a) Sections 35 and 35b of the Act no. 511/1992 Coll., as amended.".

   92. At the end of Section 41, subsection 4, a new sentence shall be added to read as follows: "If a taxable party under
liquidation becomes subject to a declaration of bankruptcy, its tax period shall end on the date preceding the date of the
declaration of bankruptcy."

  93. Section 41, subsection 8 shall read as follows:

   "(8) If the legal form of the taxable party changes, the tax period ends on the date preceding the date of registration of
such a change with the Companies' Register. The new tax period shall commence on the date of registration of the change
with the Companies' Register, and shall last until the date when the tax period of the taxable party would normally end if the
change of the legal from had not occurred. In this case the financial statements to be complied under the specific regulation
133a) are complied as of such a date preceding the date of registration of the change with the Companies' Register. 133a)
This provision shall not apply to a change in the legal form where a limited liability company is transformed to a joint stock
company, or a cooperative; or a joint stock company is transformed to a limited liability company, or a cooperative; or a
cooperative is transformed to a limited liability company, or a joint stock company.".

  The footnote relating to reference no. 133a shall read as follows:

"133a) Section 16, subsection 4 and Section 17, subsection 6 of Act No. 431/2002 Coll."

  94. Section 41, subsection 11 shall read as follows:

   "(11) If a taxable party changes its tax period from the calendar year to the fiscal year, or vice versa, it shall file a tax return
for the tax period ending on the date preceding the date of the change within the deadline set forth in Section 49, subsection
2."

  95. In Section 41, subsection 12, the first sentence shall read as follows:

  "If the accounting period has been changed to the fiscal year pursuant to the specific regulation 134), the fiscal year shall
become also the tax period."

  96. In Section 43, subsection 2, the word "two" shall be replaced by the words "two to three".

  97. In Section 43, subsections 3a) and 3b), the reference no. 66 shall be placed above the word "fund", and an
amendment shall be added after the words "mutual fund", reading "supplementary old-age pension fund, 35)".

  98. In Section 43, subsection 3e), the words "and under old-age pension savings schemes" shall be deleted.

  99. Section 45 shall be supplemented with subsection 3, which shall read as follows:

   "(3) The income exemption method referred to in subsection 1 shall apply if the taxable party with unlimited liability
receives income from dependent activities
 a) in respect of work performed for European Communities and their agencies, and such income has been provably taxed in
favour of the general budget of the European Union, or
 b) from sources located abroad, in a country with which the Slovak Republic has not made an agreement, and such income
has been provably taxed abroad.".

   100. Section 46, the first sentence shall read as follows: The tax shall not be assessed if it does not exceed SKK 500 for
the tax period, or the total taxable income earned by the taxable party who is an individual during the tax period does not
exceed 50% of the sum referred to in Section 11, subsection 1a)."

   101. In Section 49, subsection 4, the fifth sentence shall be deleted, and the last sentence shall read as follows: "The tax
return shall be filed within three months following the death of the taxable party, provided that the tax administrator may
prolong this deadline upon heir's request.".

  102. In Section 49, subsection 5, the second sentence shall read as follows: "The tax administrator may prolong this
deadline upon heir's request, if duly substantiated.".

  103. In Section 49, subsections 11 through 12 shall be deleted.

  The current subsections 13 and 14 shall be renumbered to subsections 11 and 12.

  104. In Section 50, subsection 1, the words "corresponding to 2% of the tax paid" shall be replaced by the words "up to
2% of the tax paid".

   105. In Section 50, subsection 6a), after the words "tax in arrears" a colon is added, followed by an amendment reading
"provided that the tax for the tax period to which the tax return file applies was paid within the date prescribed for the tax
return filing".

  106. Section 50, subsection 7 shall read as follows:
   "(7) Annually, before 15 December of the current year a notary public issues a certificate to the beneficiary acknowledging
satisfaction of the conditions set forth in subsection 6, paragraphs d), e), g) and h), starting from 1 September of the current
year. The notary public issuing the certificate shall, without any undue delay, notify the beneficiary's identification data to the
extent provided for in subsection 3, and paragraph d) the name of the bank or the branch of the foreign bank where the
beneficiary has its account, and the bank account number to the chamber for purposes of inclusion in the list of beneficiaries
for the next year. The list of beneficiaries indicates the beneficiary's registered or business name, and its principal office,
legal form, identification number, bank account number and the name of the bank or the branch of the foreign bank where
the beneficiary has its account. The list of beneficiaries is a public list, published by the chamber annually under specific
regulation 145), not later than 15 January of the calendar year in which the share of the tax paid can be granted to the
beneficiary. Such a list shall be delivered by the chamber to the Slovak Tax Headquarters within the same deadline.".

  107. In Section 50, subsection 8 shall be deleted.

  The current subsections 9 through 15 shall be renumbered to subsections 8 through 14.

   108. In Section 50, subsection 8, the words "within a period of six moths following the end of the tax period for which the
tax was paid" shall be replaced by the words "within a period of three months following the date prescribed for filing the
statement referred to in subsection 1".

  109. At the end of Section 50, subsection 9, the second sentence, an amendment shall be added to read as follows: "the
competent court having jurisdiction over the registered office of the lessor".

  110. In Section 50, subsection 13, the number "13" shall be replaced by the number "12".

  111. In Section 50, subsection 14, the number "14" shall be replaced by the number "13".

  112. At the end of Section 52, subsection 4, the full-stop shall be replaced by a colon, and an amendment shall be added,
reading as follows: "such a decision shall not be issued repeatedly."

  113. Section 52, subsection 7 shall read as follows:

  "(7) Income from the proceeds from the sale of a flat acquired before 1 January 2004, received before 31 December 2004
shall be subject to the provisions of Act No. 366/1999 Coll., as amended. Income from the proceeds from the sale of a flat
acquired before 1 January 2004, received after 31 December 2004 shall be subject to Section 9 of this Act.".

     114. At the end of Section 52, subsection 22, a new sentence shall be added to read as follows:
"Provisions of Section 9, subsection 2 s), and Section 13, subsection 2f) shall apply to government bonds issued and
registered abroad after 31 December 2003, if the income has been paid out, remitted or credited after 31 December 2004.".

  115. At the end of Section 52, subsection 35, an amendment shall be added to read as follows: "and for the tax period of
2005 at the amount set forth in the Act as maximum, and subject to the method provided for in this Act."

  116. Section 52 shall be supplemented with sections 39 and 40, which shall read as follows:

    "(39) The provision of Section 17, subsection 17, with the wording effective after 31 December 2004, shall apply to a tax
return filed after 31 December 2004. If the taxable party decides to exclude exchange rate differences from the tax base
already in the first tax period for which a tax return is filed after 31 December 2004, notification of non-inclusion of exchange
rate differences in the tax base for the relevant tax period, as referred to in Section 17, subsection 17 shall be delivered to
the tax administrator by the date prescribed for the filing of the tax return for the given tax period. Exchange rate differences,
differences resulting from revaluation of securities and derivatives not included in the tax base shall be included in the tax
base not later than the tax period ending on 31 December 2007, starting as of the tax period for which a tax return shall be
filed after 31 December 2004.

  (40) The provisions of Section 2, paragraph s); Section 17, subsections 15, 18, 19 and 26; Section 19, subsection 2i);
Section 19, subsection 3o); Section 20, subsection 9a); Section 23, subsection 1e); Section 24, subsection 1a); Section
25, subsection 6; Section 26, subsection 8; Section 32, subsection 2b); Section 32, subsection 4c); and Section 45,
subsection 3 with the wording effective after 31 December 2004 shall apply to a tax return filed after 31 December 2004."

  117. Section 52a shall be inserted after Section 52a, and shall read as follows:

                                                          "Section 52a
  This Act implements the legislation of European Communities and the European Union, as listed in Annex 2."

  118. The current Annex shall be designated as Annex 1, and Annex 2 shall be amended to read as follows:

                                                          Annex 2
                                                  to Act no. 595/2003 Coll.

                             List of the implemented legislation acts of European Communities
                                                  and the European Union

 1. Council Directive 69/335/EEC of 17 July 1969 concerning indirect taxes on the raising of capital (EC OJ L 249,
03/10/1969), as amended by Council Directive 73/79/EEC of 9 April 1973 (ES OJ L 103, 18/04/1973), Council Directive
74/553/EEc of 7. 7 November 1974 (ES OJ L 303, 13/11/1974), Council Directive 85/303/EEC of 10 June 1975 (ES OJ L
156, 15/06/1985).

 2. Council Directive 90/434/EEC of 23 July 1990 on the common system of taxation applicable to merger, division and
transfer of assets and exchange of shares between companies of different Member States (ES OJ L 225, 20/08/1990).

 3. Council Directive 90/435/EEC of 23 July 1990 on the common system of taxation applicable in the case of parent
companies and subsidiaries of different Member States (ES OJ L 225, 20/08/1990), as amended by Council Directive
2003/123/EC of 22 December 2003 (ES OJ L 007, 13/01/2004).

 4. Council Directive 2003/48/EC of 03 June 2003 on taxation of income in the form of interest payments (ES OJ L 157,
26/06/2003), as amended by Council Decision 2004/587/ES of 19 July 2004 (EU OJ L 257, 04/08/2004).

 5. Council Directive 2003/49/EEC of 03 July 1990 on the common system of taxation applicable to interest and royalty
payments between associated companies of different Member States (EU OJ L 157, 26/06/2003)."

                                                         Section II

  The Chairman of the Slovak Republic National Council is hereby authorised to publish in the Collection of Acts of the
Slovak Republic the full wording of Act no. 595/2003 Coll. on income tax, resulting from the amendments
adopted by Act no. 43/2004 Coll., Act no. 177/2004 Coll., Act no. 191/2004 Coll., Act no. 391/2004 Coll., Act no. 538/2004
Coll., Act no. 539/2004 Coll., and this Act."

                                                         Section III

  This Law comes into effect on 1 January 2005, except Section I, subsection 22 which shall come into effect on 1 July
2005, and Section I, subsection 35 which shall come into effect on 1 May 2006.

                                             Ivan Gašparovič, in his own hand
                                             Pavol Hrušovský, in his own hand
                                             Mikuláš Dzurinda, in his own hand


Act 68/2005 Coll.
...
                                                         Section VII

  Act 595/2003 Coll. on Income Tax, as later amended by Act 43/2004 Coll., Act 177/2004 Coll., Act 191/2004 Coll., Act
391/2004 Coll., Act 538/2004 Coll., Act 539/2004 Coll. and Act 659/2004 Coll. is hereby amended as follows:

  In Section 52, subsection 40, the words "Section 24, subsection 1 a)," shall be deleted.

                                                        Section VIII

  This Law comes into effect on 1 March 2005, except Section I, point 12, which shall come into effect on 1. July 2007.

                                             Ivan Gašparovič, in his own hand
                                             Pavol Hrušovský, in his own hand
Mikuláš Dzurinda, in his own hand

				
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