The National Council of the Slovak Republic adopted Act No. 198/2020 Coll. of 9 July 2020 amending certain laws in connection with the improvement of the business environment affected by measures to prevent the spread of the dangerous contagious human disease COVID-19. The Act was promulgated in the Collection of Deeds on 21 July 2020. The Act is also known in practice as "Sulíkovo kilečko" [Sulík's Hundred] or "Podnikateľské kilečko" [Business Hundred] (refers to more than 100 measures prepared by the Economy Ministry led by Richard Sulík). The Explanatory Statement says that the draft law contains administrative measures and removes bureaucratic restrictions on small and medium-sized businesses and licensed traders.
This Act has amended a large number of other laws. Most changes entered into force on the date of promulgation in the Collection of Laws (21 July 2020), whereas other changes will enter into force later, on a gradual basis, by 1 January 2023.
This News discusses amendments to two laws:
- Act No. 431/2002 Coll. on Accounting (Act on Accounting): increase in the criteria of size for financial statements to be audited (please note that the criteria of size were also increased as of 1 January 2020),
- the Commercial Code: simplification of an increase in share capital from own resources.