Tax & Legal Update
Another chance for large amendment to the Labour Code
A large draft amendment to the Labour Code from August last year has for a long time seemed forgotten. This October, however, a turning point came when the Ministry of Labour and Social Affairs disclosed another large draft amendment. At the same…
Changes to distribution and payment of corporations’ profit and other components of…
Rules for the distribution and payment of profit and other components of equity should change substantially from 2021 through an amendment to the Act on Corporations, which has recently been submitted by the Chamber of Deputies to the Senate. The…
New government programmes for migration of foreign workers
Starting in September 2019 and in connection with changes to the Act on Residence of Foreign Nationals in the CR, government programmes facilitating the hiring of foreign workers have also been under revision. The most crucial change is the…
Subsidies for large businesses after 2020
In the 2021-2027 period, the Competitiveness Operational Programme (COP) will follow up upon the Enterprise and Innovations for Competitiveness Operational Programme (EIC OP), managed by the Ministry of Industry and Trade. The programme will…
Quick fixes: consignment stock arrangements from January 2020?
The amendment to the VAT Act implementing quick fixes will not be effective from 1 January 2020, since the Chamber of Deputies is yet to discuss it even in its first reading. So how should Czech VAT payers involved in the intra-community supply and…
Government approves digital services tax
The government submitted a bill introducing a 7% digital services tax to the Chamber of Deputies. The tax will apply to companies that are part of corporate groups generating a turnover of more than EUR 750 million and with a tax base relating to…
Amendment to VAT Act for 2020 (quick fixes): new developments in Brussels
The European Commission has published extensive draft explanatory notes on quick fixes. These include examples of how to declare changes in customers or refunds of goods within consignment (call-off) stocks in EC Sales Lists and new stock records,…
Rounding after amendment to VAT Act
The financial administration published information intended to solve the long-standing uncertainty regarding the correct calculation and subsequent rounding of VAT. The new rounding rules have been approved via the last amendment to the VAT Act, in…
New duties of listed companies
An amendment to the Capital Market Undertaking Act stipulates new duties applicable to companies listed on a regulated European market, primarily concerning a more detailed regulation of remuneration provided to management and supervisory body…
What to remember when delegating powers of statutory body?
In practice, we may often encounter the functional distribution of the powers of a statutory body among its individual members, especially where business management is concerned. Statutory body members may thus independently make decisions regarding…
Excess compensation monitoring rules submitted to government
The Ministry of Industry and Trade published a draft amendment to the Act on Renewable Energy Sources. One of its main objectives is the introduction of a system of monitoring the provision of excess aid/support for the production of energy from…
Better protection for whistle-blowers
The EU Council adopted a directive setting the minimum rules of protection for persons reporting corporate wrongdoings. The directive is to be transposed into Czech law by May 2021.