Slovakia Tax Codes
Tax codes determine how much tax is paid on each transaction line item. For NetSuite to calculate correct values on transaction records and tax reports, make sure that the tax codes for Slovakia are set up correctly.
For more information about tax codes, see Tax Code Properties and Creating Tax Codes.
Tax Code Table for Slovakia
The following table shows the tax properties required to correctly generate the Slovakia tax reports provided by the International Tax Reports SuiteApp. The tax code names or letters used in the following table are suggested names or default system preferences. You can rename the tax codes. Tax reports identify transactions by looking at the tax code properties, not the tax code names.
On the New Tax Code or Edit Tax Code page, check the boxes of the properties that apply to the tax code. For more information about tax code properties, see Tax Code Properties.
To understand how NetSuite uses the tax codes to get the values for the Poland VAT report, see What goes into each box - Slovakia VAT report.
For information about notional rates in EU B2B transactions and VAT reports, see EU Notional VAT.
Please consult your tax agency for the correct tax rates.
|
Tax Code |
Description |
Property |
Rate |
Notional Rate |
Available On |
|---|---|---|---|---|---|
|
E-SK |
Exempt |
Exempt |
0% |
— |
Both (Sales and Purchases) |
|
ER-SK |
EU sales/purchases (goods) - reduced rate |
EC Code Reduced Rate |
0% |
R-SK |
Both (Sales and Purchases) |
|
ERND-SK |
EU purchases (goods) - reduced rate (nondeductible) |
EC Code Reduced Rate Nondeductible |
0% |
R-SK |
Purchases |
|
ES-SK |
EU sales/purchases (goods) |
EC Code |
0% |
S-SK |
Both (Sales and Purchases) |
|
ESND-SK |
EU purchases (goods) - nondeductible |
EC Code Nondeductible |
0% |
S-SK |
Purchases |
|
ESSP-SK |
EU purchases (services) |
EC Code Applies to Service Items Reverse Charge Code |
0% |
S-SK |
Purchases |
|
ESSPND-SK |
EU purchases (services) - nondeductible |
EC Code Applies to Service Items Reverse Charge Nondeductible |
0% |
S-SK |
Purchases |
|
ESSS-SK |
EU sales (services) |
EC Code Applies to Service Items |
0% |
S-SK |
Sales |
|
EZ-SK |
EU sales/purchases (goods) - zero rate |
EC Code |
0% |
Z-SK |
Both (Sales and Purchases) |
|
I-SK |
Purchase of goods from outside of EU |
Import VAT |
0% |
— |
Purchases |
|
IS-SK |
Purchase of services from outside of EU |
Import Applies to Service Items Reverse Charge Code |
0% |
S-SK |
Purchases |
|
ISND-SK |
Purchase of services from outside of EU - nondeductible |
Import Applies to Service Items Reverse Charge Nondeductible |
0% |
S-SK |
Purchases |
|
O-SK |
Sale of goods outside of EU |
Export |
0% |
— |
Sales |
|
OS-SK |
Supply of services outside of EU |
Export Applies to Service Items |
0% |
— |
Sales |
|
R-SK |
Reduced rate |
Reduced Rate |
10% |
— |
Both (Sales and Purchases) |
|
RC-SK |
Reverse charge |
Reverse Charge Code |
0% |
S-SK |
Sales |
|
S-SK |
Standard rate |
— |
20% |
— |
Both (Sales and Purchases) |
|
Z-SK |
Zero rated sales |
— |
0% |
— |
Both (Sales and Purchases) |
Tracking VAT Paid on Imports into Slovakia
Quite often, the customs office levies VAT on imports at the border crossing (inland or airports), and this levy is paid either by the transporter (paid before the goods are released) or by you directly (on an account basis). These costs are essentially 100% VAT bills. To ensure that these taxes are picked up by NetSuite when you generate the VAT report for Slovakia, you should have the following tax codes:
|
DUTY-P |
Import VAT - paid |
Paid Import VAT |
Purchases |
|
DUTY-U |
Import VAT -unpaid |
Import VAT |
Purchases |
|
DUTY-PR |
Import VAT - paid (reduced rate) |
Paid Import VAT Reduced Rate |
Purchases |
|
DUTY-UR |
Import VAT - unpaid (reduced rate) |
Import VAT Reduced Rate |
Purchases |
When entering the transaction, you must record this cost as input tax, where the total amount represents the VAT amount. The full tax amount shown on the vendor bill must be entered in the Net Amount field (bills or journals).
Examples:
-
In most cases, at the point of import (at the border, or airport, or customs house), the customs office will value the goods and impose VAT, which your company must pay before the goods are released. Record this input tax using the DUTY-P tax code (import VAT paid on standard rate purchases), or the DUTY-PR tax code (import VAT paid on reduced rate purchases).
-
In some cases, the freight or transport company will pay the VAT to the customs office on your behalf, and then pass on the charge to you. Record this input tax using the DUTY-P (import VAT paid on standard rate purchases) tax code, or the DUTY-PR (import VAT paid on reduced rate purchases) tax code.
-
In other cases, the customs office bills your company, and you pay the tax bill like any other vendor bill. Record this input tax using the DUTY-U (Unpaid import VAT on standard rate purchases) tax code, or the DUTY-UR (Unpaid import VAT on reduced rate purchases).