Potvrdenie or Ročné zúčtovanie? How to calculate your overpaid Slovak taxes and have them back?

Every year many expats don’t apply for their tax refund as they simply don’t know it is possible! Here we explain how to refund your taxes.

How Slovak tax system works 

Everyone who works in Slovakia can claim his/her overpaid taxes back. Foreigners too! There are no privileged working categories: if you pay more taxes, you can have them back at the end of the fiscal year. But how much of your earnings will be taxed? 

The taxable income corresponds to your total Slovak income minus social and medicare taxes. These taxes are mandatory and cannot be refunded.In case your Slovak annual income is less than 19,809 EUR, an additional allowance, corresponding to about 3,800 EUR, is deducted from your income. 

Finally, after this deduction, you have the amount corresponding to your taxable income. Upon this amount, the income tax is applied, that is to say the 19% we mention above. The difference between the sum you paid and the amount you were supposed to pay corresponds to your refund. But pay attention, there will be no refund in case of debt! 

To file your tax refund, you need a document called “Potvrdenie o príjmoch zo závislej činnosti”. All employers are legally obliged to send a copy of this document to their employees when the working contract ends up. In case they fill your summary earning document after the end of the fiscal year, you will receive the “Ročné zúčtovanie”. The Potvrdenie is a summary of what you earned during a year. Usually, you receive it around January or, at the latest, in February. 

Hurry up to get your money! 

The deadline to claim your tax refund from last year (2017) is on March 30th, 2018. Otherwise, if you apply later, the tax office will add a penalty of 30 euro. In Slovakia, tax system allows you to apply up to three fiscal years back. In other words, if you apply before the end of March 2018, you can get your overpaid taxes back to 2015. 
To claim your taxes back in Slovak language could be difficult. Dendax can obtain your tax refund for you and take care of all your needs in your native language. We speak 14 languages, and we refund taxes to 8.000 clients every year. Calculate for FREE how much money you can have back and get in touch with one of our professionals.