Taxation of financial transactions in Slovakia

[void]

I cannot find any serious link to a source in English at the moment but to keep you guys updated on the latest bizarre idea... Slovakia is going to tax bank transactions at 0.4% (capped by 40 EUR) and cash withdrawals at 0.8%.

 

[daniels27]

void said:
I cannot find any serious link to a source in English at the moment but to keep you guys updated on the latest bizarre idea... Slovakia is going to tax bank transactions at 0.4% (capped by 40 EUR) and cash withdrawals at 0.8%.
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Yes, but seems only for business accounts.
https://index.sme.sk/c/23385969/extra-ucet-a-naklady-ako-sa-transakcna-dan-dotkne-podnikatelov.html
But it is not the first time, we had strange things from there:
https://www.bloomberg.com/news/arti...pprove-bank-tax-of-0-4-percent-of-liabilities

 

[ilke]

Inspired by Fico's good friend Orban with his 0.3% (raised to 0.45% this August) tax on transactions in Hungary as well, I guess.

 

[toums]

ilke said:
Inspired by Fico's good friend Orban with his 0.3% (raised to 0.45% this August) tax on transactions in Hungary as well, I guess.
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Exactly, often in Hungary you can withdrawal any amount of money (till you have it in your bank accounts). Euros withdrawal at the cashier is usually taxed à 0.90% with a maximum around 500€.

Same at ATM. Last time got 13€ something by 2K withdrawal, so slicy less.. around 0.65%

 

[daniels27]

toums said:
Exactly, often in Hungary you can withdrawal any amount of money (till you have it in your bank accounts). Euros withdrawal at the cashier is usually taxed à 0.90% with a maximum around 500€.

Same at ATM. Last time got 13€ something by 2K withdrawal, so slicy less.. around 0.65%
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Ok, but then why would I give my money to the bank if I cannot get it back ever again?

 

[toums]

daniels27 said:
Ok, but then why would I give my money to the bank if I cannot get it back ever again?
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It's not to give them, but in some situations you want to use these bank accounts (at least temporarily or for certain operations) because :

- You can withdraw any money you want, without stupid policies like many western countries (like 'oh sorry we dont have enough cash at the bank to allow the withdrawal' or 'why do you have to withdraw more than 1000e, what you want to do with this etc.." and all these bulls**t)
- Because you are happy if you still can receive / send high figures transfer (at least sepa) without pending/blocking / manual verification and all blabla..

So for these situations, I am happy to pay some extra fees when I am using these accounts instead to use 'free' western european banks but headache and problem 90%+ of the times

Last edited: Sep 27, 2024

 

[Forester]

daniels27 said:
Yes, but seems only for business accounts.
https://index.sme.sk/c/23385969/extra-ucet-a-naklady-ako-sa-transakcna-dan-dotkne-podnikatelov.html
Click to expand...

And to be exact, it is just a governmental proposal as of now, not approved by the parliament yet ”“ AFAIK. (But I don't doubt that current Slovakian parliament will approve, if asked.)

Probably it should compensate that from what I've learned, within the same proposal, the VAT for pubs should be lowered from 23% to 5% 😉 😉

ilke said:
Inspired by Fico's good friend Orban with his 0.3% (raised to 0.45% this August) tax on transactions in Hungary as well, I guess.
Click to expand...

BTW, in Hungary this concerns also private accounts, AFAIK.

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[daniels27]

toums said:
It's not to give them, but in some situations you want to use these bank accounts (at least temporarily or for certain operations) because :

- You can withdraw any money you want, without stupid policies like many western countries (like 'oh sorry we dont have enough cash at the bank to allow the withdrawal' or 'why do you have to withdraw more than 1000e, what you want to do with this etc.." and all these bulls**t)
- Because you are happy if you still can receive / send high figures transfer (at least sepa) without pending/blocking / manual verification and all blabla..

So for these situations, I am happy to pay some extra fees when I am using these accounts instead to use 'free' western european banks but headache and problem 90%+ of the times
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Yes but with conditions like this, people normally keep the money at home. Like here (no tax, just hefty bank fees):
https://<<snippet>>.com/finance/investing/georgia-real-estate/

Another interesting aspect of the real estate market in Georgia is that nearly all transactions are made in cash.

I've taken over $30,000 with me to Tbilisi just to close deals in cash.

You'll also need to take the money with you if you want to avoid paying extra. Sellers will likely ask you to pay their hefty withdrawal fees since they seem to prefer to keep their money in US dollars.

While this isn't the most convenient way of doing business, it's the way things are done in Georgia.
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[AlicaFunk]

toums said:
It's not to give them, but in some situations you want to use these bank accounts (at least temporarily or for certain operations) because :

- You can withdraw any money you want, without stupid policies like many western countries (like 'oh sorry we dont have enough cash at the bank to allow the withdrawal' or 'why do you have to withdraw more than 1000e, what you want to do with this etc.." and all these bulls**t)
- Because you are happy if you still can receive / send high figures transfer (at least sepa) without pending/blocking / manual verification and all blabla..

So for these situations, I am happy to pay some extra fees when I am using these accounts instead to use 'free' western european banks but headache and problem 90%+ of the times
Click to expand...

That brings some huge benfits to have such accounts.

 

[whatname]

i heard it may even apply to txs between payment processors and you, so basically double tax, its vague and bizarre. slovakia is a strange place.