Tax & Legal Update
SAC: To err is human even for accountants
The Supreme Administrative Court has finally and conclusively clarified the issue of applying the accrual principle to the taxation of accounting revenues by rejecting the retrospective current period taxation of revenues forgotten for many years.…
SAC: Tax administrators have to obtain a key witness statement
Has the tax administrator challenged the delivery of supplies or services on the grounds of your supplier being uncontactable? The Supreme Administrative Court in its recent judgment confirmed that the tax authority has to make all efforts and use…
Right to deduct VAT without meeting the required essentials of a tax document
In September, the Court of Justice of the EU (CJEU) ruled on case C-518/14 Senatex GmbH. In the case, the tax administrator challenged the entitlement to VAT deduction based on tax documents that did not contain the tax identification number (VAT No…
Concurrence of offices before the Constitutional Court
Even though in its new judgement of late September the Constitutional Court opined on the concurrence of the offices of chair of the board of directors and managing director, the ruling did not bring the long-awaited clarification of the issue. The…
First step towards a new EU list of third country jurisdictions
On 12 September, the European Commission presented a scoreboard of third country jurisdictions containing indicators monitoring their tax administrations’ best practices. It is the first step towards a common EU list of uncooperating jurisdictions.…
AML rules even stricter
The transposition of the new EU directive on the prevention of the use of the financial system for money laundering or terrorist financing purposes is far from complete. However, the European Commission has already submitted a proposal further…
Stability of insurance companies enhanced?
An amendment to the Act on Insurance implementing, inter alia, the Solvency II Directive into the Czech legal system, was published in the Collection of Laws under No. 304/2016. This legislative change mainly aims to enhance the financial stability…
Second call for the TRIO programme
In early October, the Ministry of Industry and Trade announced a second call for participation in the TRIO programme, designed to support projects focusing on industrial research and experimental development relating to key technologies. Companies…
OP EIC - changes in the second call
An up-to-date timetable of calls for applications under the Enterprise and Innovations for Competitiveness Operational Programme (OP EIC) was disclosed on 21 September 2016. Below we summarise some of the changes made to the original timetable.
EU harmonisation of voucher taxation
A new EU directive regulating vouchers was adopted in June. It aims to harmonise rules for the application of VAT on transactions with vouchers in the EU and eliminate the double taxation or non-taxation of these transactions. The new rules will be…