Tax & Legal Update
Consolidation package: detailed overview of changes
The Parliament approved the The Act on the Consolidation of Public Budgets. Most of the provisions are proposed to come into effect on 1 January 2024. Below we summarise the planned changes in tax and related areas.
Amendment to the VAT Act 2024: notification obligation for payment service providers
The Chamber of deputies has approved a draft amendment to the VAT Act that is to come into effect on 1 January 2024. Amending proposals that have been passed mainly concern the development of case law around tax submissions using prescribed forms.…
Pillar 1: first draft of multilateral convention
The OECD has published the first draft of a multilateral convention to implement the rules for the reallocation of a portion of profits (Amount A) of large multinational groups to countries where their end customers or service users are located (the…
Proving R&D allowances will be easier
The chamber of deputies has discussed amendments to laws in connection with the development of the financial market. In the second reading, the coalition submitted a proposal to amend the Income Tax Act with the aim to simplify proving R&D…
Mobility Directive to facilitate cross-border transformations
Companies in the EU can cross national borders by means of cross-border transformations. Current Directive (EU) 2017/1132 on certain aspects of company law only regulates cross-border mergers. This is now changing, as amending Directive 2019/2121 …
De minimis aid limit to increase substantially from January 2024
Along with 2023, two important state aid regulations are coming to an end: the general regulation on de minimis aid (De Minimis Regulation) and the regulation on de minimis aid for providers of services of general economic interest (SGEI De Minimis…
Bookkeeping in foreign currency: how to determine functional currency and make…
The Ministry of Finance has published a draft amendment to the decree for entrepreneurs implementing the Act on Accounting. The new wording of the decree is related to the changes introduced by the consolidation package: provisions regulating the…
New rules for presentation of top-up tax in accounting
Entrepreneurs, banks, and insurance companies accounting for deferred tax will not have to consider the top-up tax when calculating deferred tax. However, they will be obliged to provide information about the top-up tax in the required extent in the…
Overview of subsidy programmes for 2024
Many new subsidy opportunities will be available in 2024. For example, large companies will be able to obtain support for research and development activities, photovoltaic power plants, or production decarbonisation. Here is an overview of selected…