Transaction Tax

What you need to know about transaction tax.

Transaction tax is a new type of tax that will apply to financial transfers where funds are debited from a business account. For entrepreneurs, sole traders and smaller companies, it imposes an obligation to set up a business account.

Below you will find some answers to common questions we receive from our clients.

Who is affected by the transaction tax or who is the taxpayer?

The taxpayer is a natural person: entrepreneur, legal entity or a branch office of a foreign person who is a user of payment services of a payment service provider carrying out financial transactions (i.e., a bank) and who has its registered office or place of business in the Slovak Republic, has a payment account with a bank with its registered office in the Slovak Republic or carries out its activities here.

Who is exempt from the tax?

The law specifically defines legal entities that are not taxpayers:

Social Insurance Agency, Matica slovenská, Slovak Academy of Sciences, Health Care Surveillance Authority;
Civil association, foundation, non-investment fund, non-profit organisation providing generally beneficial services, special purpose establishment of a church or religious society;
Special-interest association of legal entities, research and development entity, organisation with international element, Slovak Red Cross, regional tourism organisations, tourist information centres;
Budgetary organisation and contributory organisation, municipality and higher territorial unit.
Diplomatic mission, consular office, or school and school facility defined by law

Notice: Legal entities mentioned in points 1-4 must notify the bank of the fact that they are not a taxpayer, otherwise debit transactions made on their accounts will be subject to transaction tax.

What if I use my personal account for business?

If you are using a private account for business, you must calculate and pay the financial transactions tax on your own. The bank will pay tax for natural persons who have an open business account in the bank.

TIP: Open a business account with rewards in our bank. You can choose a simple Business START, a dynamic Business OPEN or a Business TOP account for a demanding client.

Read more about our business accounts HERE. (This offer applies to sole traders and small businesses.)

What is a transaction account?

Any payment account of a taxpayer that is a legal entity or a branch office of a foreign person. In the case of a taxpayer who is a natural person – entrepreneur, it is the payment account on which such taxpayer carries out financial transactions related to the performance of the taxpayer’s business activity, i.e., the business account of a natural person.

What if I use my personal account for business?

If you have been using a personal account for your business, you must open a transaction account by 31 March 2025 at the latest.

TIP: Open a business account with a reward in our bank, you can choose a simple Business START, a dynamic Business OPEN or an account for a demanding client Business TOP.

You can find more information about our business accounts HERE. (This offer is valid for sole proprietors and small businesses.)

What is the amount of the tax?

For non-cash transactions: 0.4% of the amount debited from the account, up to a maximum of EUR 40 per transaction.

For cash withdrawals: 0.8% of the amount debited from the account, with no upper limit.

For each debit card used: EUR 2 per year.

Does the transactional tax also apply to a company that is based abroad, does not work in Slovakia, but has a bank led in Slovakia?

Yes, if a foreign legal entity has a payment account in Slovakia from which it carries out financial transactions, it is covered by the tax liability by law.

How can you inform the bank that the tax does not apply to you?

Clients may notify the Bank that the tax does not apply to them if:

they are not a taxpayer – in which case download the document NOTIFICATION
they make transactions in a special account that are not subject to the tax – in which case download the document SPECIAL ACCOUNT NOTIFICATION

Notice: Under the Transaction Tax Act, a special account is required for transactions that are not subject to transaction tax. These transactions must be carried out exclusively on the client's special account.

How to fill in the Notification correctly?

"Taxpayer" notification

Client identification - Provide your business name, registered office and identification number (ID number).
Reason for exemption - Select the option that applies to you in either Section A or Section B. If Part B applies to you, please also indicate at least one activity you carry out.
Signature - The notification must be signed by a person authorised to act on behalf of the client.

"Special account" notification

Client identification - Provide your business name, registered office and identification number (ID number).
Reason for exemption - Indicate the account from which you are making transactions that are not subject to tax. Please also indicate which payment operations you are carrying out on this special account.
Signature - The notification must be signed by a person authorised to act on behalf of the client.

How can you deliver the Notification to the bank?

You can deliver the Notification to the bank:

In person at any bank branch
Electronically at FTT@unicreditgroup.sk

What is subject to the tax?

A financial transaction in which an amount of funds is debited from a taxpayer's business account;
The use of a payment card issued to a business account for the purpose of carrying out a financial transaction;
A recharged expense relating to the execution of a financial transaction that relates to the taxpayer's domestic activity.

Are bank fees subject to the tax?

Yes, the transaction tax also applies to these fees, e.g., the account maintenance fee.

Is the transfer of cash between accounts kept in the Czech UniCredit and its branch in Slovakia subjected to the transaction tax?

Yes, the Czech UniCredit and its branch in Slovakia are, in accordance with the Act of independent payment service providers, and therefore the transfer of cash between such accounts is subject to the transaction tax.

What transactions will be exempt from the tax?

The law provides for very many exceptions, some of which are listed below:

Payment of taxes, levies and contributions which are revenue of the state budget, contributions to the Social Insurance Agency and contributions to health insurance;
Transactions made between accounts of the taxpayer which are held with the same bank;
Transactions made by payment card, excluding cash withdrawals;
Transactions on the accounts of flat owners;
Payment operation of handing over and returning money from the notary's custody;
Payment operations of insolvency administrators, bailiffs and in connection with the auction security in a special account.

If I have been using a personal account as a business entrepreneur for my business and I open a business account, will I, as a client of the same bank, get an advantage in regards to the transactions between these accounts?

The debit transactions from the business account of the enterprenur to his personal account, if they are kept in one bank, will not apply the transaction tax.

If a company has multiple accounts, will the transaction tax apply to debit transactions?

No, it will not, as long as the accounts are held with the same bank, no tax applies to transfers within the same client's accounts.

Will Domestic Houses pay tax?

Transactions made in the accounts of apartment owners and non-residential premises are not subject to tax.

Who calculates and pays the tax?

If you have an account with a Slovak bank, the tax will be calculated, withheld and collected directly by the bank.

Disclaimer: If you have an account abroad, you will be responsible for calculating and paying the tax directly and you will also be the taxpayer.

Since when will the tax be paid?

The first tax year is April 2025.

When will I be charged the tax for the first time?

Tax for the first three tax periods (April, May and June) shall be charged by the bank for the first time in July, with one amount for each month (ie one month/one payment), except if the account was be canceled in April or May 2025.

What do I have to do if I cancel the account between April 1 and 31. May 2025?

If the account is canceled in the period from 1 April 2025 to 31 May 2025, you must pay the tax administrator the tax for the tax periods in which you had this account set up. You must pay the tax by the end of the calendar month after the calendar month in which you canceled this account and deliver the notification to the tax administrator within the same period.

What if I cancel the account in June 2025?

If the account is canceled in June 2025, the bank will pay the tax for the relevant tax period.

How often will the tax be paid?

The tax period is the calendar month.

Where a payment card is used, the tax period is the calendar year in which the payment card is used.

What if I open a business account abroad?

In this case, you must calculate and pay the tax yourself.

Where can I find information on the amount of the tax paid?

The amount of the tax will be shown on the statement of account.

What should I do if I have doubts about the correctness of the tax collected?

The client can ask the bank for an explanation within 12 calendar months from the date on which the tax was withdrawn.

The information contained herein is for informational purposes only and does not constitute legal or tax advice, nor does it constitute a binding interpretation of the relevant legislation.

Further information can be found on the website of the Financial Administration of the Slovak Republic:

Frequently asked questions: Tax on financial ... - PFS
Information on the Financial Transaction Tax Act: 2024.12.27_044_DZPaU_2024_I_Info_279_2024_fin_trans.pdf
Wording of the law: 279/2024 Coll. - Act on Financial Transaction Tax and on Amendments to Certain Acts (slov-lex.sk)

(The documents are only available in Slovak)