In brief
17 January 2018

Latest news - January 2018

Last month’s tax and legal news in a few sentences.

Lenka Fialková
  • Amendments to accounting decrees were published in the Collection of Laws under No. 441/2017 (for business entities using double-entry bookkeeping), No. 442/2017 (for banks and other financial institutions) and No. 443/2017 (for insurance companies). 
     
  • Notice of the Ministry of Labour and Social Affairs No. 447/2017, on the average wage in the national economy for the first to the third quarter of 2017 for the purpose of the Act on Employment, was published in the Collection of Laws.
     
  • Meal allowance and travel expense rates for 2018 were published via Decree of the Ministry of Labour and Social Affairs No. 463/2017 Coll.
     
  • A group of ODS deputies filed the motion to cancel the Act on the Electronic Reporting of Sales. Another two motions to amend this act filed by other groups of deputies await discussion in the chamber. One of the motions proposes, inter alia, to restrict the ERS only to VAT payers.
     
  • On its website, the GFD published Instruction D-36, determining uniform FX rates for the 2017 taxable period pursuant to Section 38 of Act No. 586/1992 Coll., on income taxes, as amended until 31 December 2017.
     
  • The Ministry of Finance submitted to the Chamber of Deputies a draft amendment to the Tax Procedure Code and other relevant legislation, transposing the DAC5 (Directive on Administrative Cooperation in the Field of Taxation) into the Czech legal system. The directive plans to use the selected information collected pursuant to the Anti-Money Laundering Directive (AML) for the purpose of international cooperation in tax matters in compliance with the DAC. Owing to the fact that the transposition deadline has already elapsed, the government proposes discussing the amendment on an accelerated basis, i.e. in the first reading only. 
     
  • On its website, the GFD recommends that entities registering for VAT should provide - along with their registration application - other documents in form of attachments substantiating basic facts stated in the application (such as the registered office, VAT registration reasons, bank accounts, etc.), as this will substantially accelerate the entire VAT registration process. In connection with this, the financial administration issued its new Information on VAT Registration.
     
  • The General Financial Directorate issued its new Information on the VAT Application upon Exemption of Services Directly Associated with the Import and Export of Goods in the light of Section 69 of the VAT Act.
     
  • On its website, the Ministry of Labour and Social Affairs has summarised news in the pension and social area: https://www.mpsv.cz/files/clanky/32248/TZ_Co_se_meni_v_roce_2018._Novinky_Ministerstva_prace_a_socialnich_veci.pdf
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