Starting from 2018, the law enables natural persons to open a bank account and nominate it as a business account. All taxes on the amounts received in the account will be calculated and transferred by the bank. But as the account solution must be provided by the private sector, it has not yet been implemented and will likely become operational from the second half of the coming year. The account was introduced mainly for participants in the sharing economy such as Uber drivers, cleaners and child-minders.
The tax rate is 20% on income from goods and services not exceeding EUR 25,000. For income exceeding this threshold, a tax rate of 40% will apply. Social contributions, income tax and pension payments are covered by tax, whereas under ordinary regulation the tax rate would be at least 20% income tax + 33% social contributions + 2% pension payments = 55%.
A business account is effective only if services or goods are sold to private persons. If sold to corporate entities, then the corporate entity must pay additional income tax at a rate of 20/80.
A natural person with a business account cannot act as a sole proprietor in the same area and cannot have a VAT registration.