4.6 Account periods

There are two account periods in SR. Each account entity may use the double-entry bookkeeping system. The Act on Accounting specifies which account entities may use the single-entry bookkeeping system.

The single-entry bookkeeping system may be used by :

an enterpriser who is not registered in the Commercial code ,

a physical entity running business or undertaking other independent earning activities where they report expenses incurred for the acquiring, assuring and maintaining of the income in order to determine their income tax base ,

a contributory organization established by a municipality or a higher territorial unit, provided that the organization does not conduct business and that the volume of its annual budget expenses does not exceed SKK 500,000 ,

civic associations and their branches which have a legal personality, branches of Matica slovenská which have a legal personality, associations of legal entities, associations of landowners, association of owners of flats and non-residential premises, non-investment funds and non-profit organizations providing generally beneficial services, provided that they are not conducting business and that their income did not reach SKK 3,000,000 in the preceding accounting period ,

churches and religious societies, their bodies and denominational institutions which have a legal personality, provided that they do not conduct business and are not recipients of subsidies (grants) from the State budget.

All other accounting entities have to use the double-entry bookkeeping system.

The taxpayer who is not the taxpayer of the Value Added Tax does not have to exercise provable tax expanses but he may exercise expanses in the height of 40 % from aggregate income (60 % provided crafts). The taxpayer exercising expanses in this manner is obliged to keep register of incomes chronologically, of inventory, of receivables and not obliged to keep accounting.