As of April 1, 2025, a new transaction tax came into effect, which still raises many questions among business owners. It affects anyone who sends money from a business account, whether it's invoice payments, ATM withdrawals or regular transfers. The good news is that nothing changes when it comes to receiving payments. But for outgoing transactions, it's important to stay alert.
What is the transaction tax?
The transaction tax is a new tax on financial transactions that applies to outgoing cashless payments from business accounts and to cash withdrawals.
What is the tax rate?
The rate depends on the type of transaction:
- 0.4% of the outgoing cashless transaction amount, up to a maximum of €40 per transaction
Example: For a €2,000 transfer, the tax is €8. For €12,000, the maximum of €40 applies. - 0.8% of the amount withdrawn in cash from an ATM or bank branch
No maximum limit applies.
Example: for a 2,000 EUR withdrawal, you pay 16 EUR. - 2 EUR per year for each payment card that was used
Applies to every business card that was used at least once during the year.
Who calculates and pays the tax?
This depends on where your business account is held:
- If you have an account with a Slovak bank, the bank automatically calculates, withholds and pays the tax for you.
- If your account is abroad, the full responsibility lies with you as the business owner. That means you have to calculate, declare and pay the tax yourself.
How are refunds and customer complaints handled?
A refund issued to a customer due to a complaint about goods or services is considered a financial transaction and is subject to the transaction tax. This means the merchant must pay the tax even when refunding a customer.
However, the transaction may be exempt from the tax if:
- it involves an incorrect or unauthorized payment,
- the customer promptly requests a correction of such an error,
- the refund is related to identifying the recipient of the incorrect or unauthorized payment,
- payment operations for the purpose of refunding financial loss, theft or misuse of a payment instrument by an unauthorized person.
Refunds are processed based on a written request for correction.
Does the transaction tax apply to the payment gateway or POS terminals?
If you accept payments through the 24pay payment gateway or 24pay POS terminal, the fees for using the gateway or terminal remain unchanged. The transaction tax also does not apply to transfers from the payment gateway or terminal to your business account.
When might the transaction tax apply to you?
The tax applies when an invoice for our services is paid from your account. In that case, it’s treated as an outgoing payment and the tax is automatically deducted by your bank.
How to minimize the impact of the new tax
Since the transaction tax applies to outgoing payments, its impact can be reduced by:
- consolidating payments – instead of making several smaller transfers, you can send larger amounts within the €40 tax cap per transaction,
- limiting cash withdrawals – keeping funds in your account and using a card may be more cost-effective,
- managing incoming payments efficiently – using a payment gateway and POS terminals helps improve cash flow control.
The transaction tax brings new challenges for businesses. The good news is that not every transaction automatically means higher costs. With well-structured payment flows, you can avoid unnecessary fees. However, due to the unsettled interpretation of the Financial Transaction Tax Act, 24pay does not take responsibility if the Slovak Financial Administration evaluates any transaction differently.