Tax declaration 2020 in Slovenia/EU: companies with normalized expenses

Tax declaration 2020 in SloveniaEU companies with normalized expenses

When is the tax declaration for 2020 due for the companies with normalized expenses in Slovenia? You would need to submit your tax declaration until 31st March 2021. How to submit a tax declaration for 2020 if your company uses normalized expenses? What are the novelties in this area? What is the amount of the penalty if you do not file a tax declaration?

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You submit the tax declaration for 2020. At the same time, you determine whether you will still keep books with normalized expenses in the current year!

You must submit the tax declaration for the companies with normalized expenses for 2020 to the tax authority no later than 31 March 2021. Also, you need to submit the documents in electronic form via the eDavki system. If you have an accountant, make sure that before the date of submission you have also authorized the accountant to submit the documents to the Financial Administration of the Republic of Slovenia in your name! At DATA, we also have the accounting and tax advisors, who can help you with your company’s bookkeeping.

How does the tax declaration for business with normalized expenses differ from the closing balance? Who submits the tax declaration?

Those, who have registered either a LTD or a sole trader based on bookkeeping with normalized expenses in 2020, have to submit the tax declaration.

You must make the decision to keep books based on the normalized expenses at the time of company registration. However, you can also make this decision when issuing the final report for the previous year, stating how you will keep your books for the following year.

If you did not keep the books through normalized expenses, but used actual expenses, you must submit a more detailed final report by March 31, 2021. Thus, in addition to the already mentioned tax return, you also include the balance sheet, the income statement and the annexes. Such a report is quite more demanding and requires much more expertise and experience in the preparation.

Tax declaration for companies with normalized expenses in 2020: if you do not submit it, you may face a fine!

You must submit the tax declaration within the prescribed time and in the prescribed form, otherwise you may face a fine. The Tax Procedure Act (ZDavP-2) provides for a fine in the event that a tax declaration is not submitted:

  • From 800 to 10,000 euros for an individual (sole trader)
  • From 1,200 to 15,000 euros for a legal entity (LTD).

Up to what income can you keep books through the normalized expenses?

Companies with normalized expenses are, among other conditions, limited by the amount of income. Will you be able to submit a tax declaration or will you have to submit a final balance sheet?

In general, the companies with normalized expenses may not exceed the revenue limit of EUR 300,000 for two consecutive years. In case of exceeding this amount, the company must keep books based on the actual expenses.

  • Certain limits also apply to the maximum absolute amount that this 80% of the expenses can represent. This percentage can be calculated from a maximum of € 100,000 of revenue in the case of a company where at least one person has been employed full-time for at least 5 months. This also applies to the sole trader, who has a so-called “full s.p.”.
  • In the case of a company that has no full-time employees, 80% of the costs can be written off as expenses from a maximum of € 50,000 of annual revenue. Anything above this amount is fully considered as a profit.

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