Tax & Legal Update
New EU Prospectus Regulation: more obligations for issuers or less strict rules?
What major changes in disclosing information about securities are to be introduced by Regulation (EU) 2017/1129 of the European Parliament and the Council? The regulation will be directly applicable from 21 July of this year. Will issuers of…
Establishing trades or corporations easily, quickly and on-line?
To the Chamber of Deputies, a group of deputies has submitted a motion to amend legislation regulating the establishment of corporations. The proposal should enable the establishment of a trade or a limited liability company easily from home via the…
Draft amendment to tax laws to increase public budget revenues
The Ministry of Finance disclosed a draft amendment to tax laws for 2020, aimed at increasing revenues for public budgets. Changes will primarily affect insurance companies that will have to additionally tax, on a one-off basis, the difference…
Quick fixes to introduce significant changes in 2020
A draft amendment to the VAT Act for 2020 introduces significant changes for consignment stock arrangements and intra-community transactions with goods. These quick fixes are aimed at harmonising the rules for the delivery of goods among the EU…
Guidance on determining beneficial ownership: part two
The Court of Justice of the EU issued judgments in a number of cases dealing with beneficial ownership for EU directive purposes. The cases at issue mostly involved the application of an exemption from withholding tax on dividend and interest…
Bank’s branch’s full entitlement to VAT deduction
In case no. C - 165/17 Morgan Stanley & Co International, the Court of Justice of the EU (CJEU) provided an opinion on how to view an entitlement to a deduction of VAT on supplies received by a bank’s branch. This involved a case when supplies were…
9 major tax changes in case of no-deal Brexit
The planned date of Great Britain’s withdrawal from the EU set for 29 March 2019 has been postponed. However, a British proposal for postponement until 30 June 2019 has not been approved by the EU27. Below we summarise the major potential impacts of…
New EU regulation on public documents - the end of apostilles in EU
In mid-February, a new regulation on public documents in the European Union (No. 2016/1191) entered into effect, aimed to promote the free movement of persons within the EU by simplifying the requirements for presenting certain public documents,…
Partial termination notices for employees performing several types of work
In a case before the Supreme Court of the Czech Republic, an employee did not meet the legal pre-requisites for performing direct pedagogical activities, and was therefore given a notice of termination by the employer. However, other types of work…
Transfer of garage parking place without pre-emptive right again?
The government approved and submitted to the parliament another amendment to the Civil Code, which prescribes, among other things, an exception from the pre-emptive right to a co-owner’s share in real property in certain cases of residential co…
What expenses are reasonably incurred when mortgage loans are repaid prematurely?
In early March, the Czech National Bank published its opinion on expenses that can be regarded as reasonably incurred in connection with the early repayment of a consumer loan for residential purposes. What are the CNB’s views on this? Shall we…