How to setup Invoices Tax code for Slovak Republic?

Updated on August 14, 2018 02:46am by Admin

Users in the Slovak Republic can easily set up their online Invoices to charge for the sales/services taxes.  In Slovakia, businesses are required to charge VAT taxes on all products/services they sell as per tax law. You can use our single rate tax code calculator to make these tax rates available for use when creating invoices.

 

The Tax code followed in the Slovak Republic

The Value Added Tax (VAT), is a form of consumption tax and it is collected at the standard rate of 20%  on all supplies of goods and services. While a reduced rate of 10% is applied to certain goods like Medicines, books and other printed materials.

Reference: Value Added Tax (VAT) rates of the Slovak Republic is referred from Wikipedia and World wide tax rates websites.

Steps to Configure Taxes on Invoices App Settings

  1. Log in and access the Invoices App from your universal navigation menu bar.  
  2. Click on the “More” icon and select "Settings" located in the app header bar. 
    invoice settings
  3. Click on “Invoice” and select "Taxes" from the left navigation panel.
    taxes
  4. Select “Single Rate Taxes” on taxation. 
    single rate tax
  5. Click the “Create” button to create a single rate tax. 
  6. Provide the following:
    • Tax Code – Code of the tax.
    • Tax Rate Type – Select a type either fixed or percentage.
    • Tax Rate – Rate of the tax (percentage or amount). 
    • Print Label – Name of the tax.
      create single rate tax
  7. Click on the “Create” button to complete.
  8. You can view the created single rate tax code in a list.
    overview
  9. By default, the created single rate tax will be in enabled mode.
  10. You can proceed with creating a new invoice with the above settings. 
  11. You can either E-mail an invoice with a PDF attachment or manually print the invoice to the customer. 
  12. You can view the invoice Tax code items subtotals on PDF format. 
    pdf template
  13. You can capture the tax code at the invoice header level and line level.

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