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Accounting News - December 2019 | 01

Accounting News - December 2019 | 01

Amendments to the Commercial Code and the Act on Accounting in October 2019

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On 22 October 2019, the National Council of the Slovak Republic approved an amendment to Act No. 513/1991 Coll. Commercial Code as amended (hereafter referred to as the “Commercial Code”) and related changes to many other laws, including, inter alia, Act No. 431/2002 Coll. on Accounting as amended (hereafter referred to as the “Act on Accounting”), by means of Act No. 390/2019 Coll.

Some of these changes will enter into force on 1 January 2020; others on 1 October 2020.

According to the Explanatory Statement regarding these amendments, the purpose of these changes is primarily as follows:

  • to improve the functioning of the Commercial Register, in particular by means of:
    • a change in the list of entities for which it is mandatory to be registered in the Commercial Register,
    • elimination of the paper form of applications for registration of data in the Commercial Register and introduction of the requirement to file applications solely in electronic form,
    • deletion of the registered entities that have not fulfilled their statutory obligations with respect to the Commercial Register and other state authorities for a long time (so-called inactive or dormant companies; companies which have not yet translated the nominal values of their contributions and share capital to the euro currency; companies breaching the obligation to create or supplement a reserve fund; companies defaulting on the obligation to file their financial statements in the Collection of Deeds and/or in the Register of Financial Statements; etc.); this is intended to “cleanse” the Commercial Register, 
    • exclusion of the possibility of voluntary registration of a sole trader in the Commercial Register,
    • to update the registered data on enterprises of foreign legal entities and branches of foreign legal entities in the Commercial Register,
  • to streamline the process of liquidation of companies and cooperatives.

© 2020 KPMG Slovensko spol. s r.o., a Slovak limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

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