Tax & Legal Update
Abolishment of investment limits for qualified investor funds
The government passed a long-awaited amendment to the decree on investing of investment funds and the techniques of their management. Starting from 1 June 2017, qualified investor funds no longer have to diversify their assets in compliance with…
Amendment to the Act on Foreign Nationals’ Residence in the Czech Republic…
The Act on Foreign Nationals’ Residence in the Czech Republic regulates the conditions under which foreigners may enter our territory and sets the rules for issuing residency permits and visas. Its amendment, which is now being discussed in…
Subsidies: also available for large enterprises?
In the second half of April, the Investment and Business Development Agency ceased to accept applications for support under the Potential and Innovation Programmes, falling under the Enterprise and Innovations for Competitiveness Operational…
Change in VAT relating to the realisation of security
Already signed by the president, an amendment to the VAT Act introduces a considerable change for banks and other VAT payers who secure the future payment of their receivables with movable and immovable property. According to the new amendment,…
Increasingly restrictive measures to secure tax collection
The tax authorities have recently adopted increasingly restrictive measures to collect as much tax as possible. One of these measures is the extended application of securing orders and their subsequent enforcement within a very short time. This,…
Transfer pricing: financial administration’s number one hit
For the last five years, transfer pricing issues have undoubtedly attracted a lot of attention from the financial administration.
When will Income Tax Act amendment become effective?
An amendment to the Income Tax Act, already signed by the president, is set to come into effect on the fifteenth day of its publication in the Collection of Laws. According to unofficial sources from the Ministry of Finance, the publication will be…
What will country-by-country reporting bring in practice?
The proposed amendment to the Act on International Cooperation requires multinational groups with an annual consolidated turnover exceeding EUR 750 million to prepare a country-by-country report. The amendment is currently on the agenda of the next…
With tax package approved, GFD preparing draft information on amendment to VAT Act
The chamber of deputies has approved a tax package referred back to the chamber by the senate in its original “chamber” wording. In particular, the senate’s motions to amend VAT on real property were dismissed by deputies. Even though the effective…
Interest on long-retained excess deductions liable to income tax?
Interest on long-retained excess deductions of up to 14% p.a. was first awarded to a taxable entity by the Supreme Administrative Court more than two and a half years ago. Since then, a number of administrative courts proceeded similarly and…
Defence against unlawful procedure to remove doubt may be well worth it
In its recent judgement, the Supreme Administrative Court (SAC) emphasised that the procedure to remove doubt should only serve to clarify concrete uncertainties. It is a tool to ascertain or to check, immediately and without delay, whether a tax…