Taxes

Retirement savings products likely to face changes to compounding of savings periods

Amending proposals have been submitted as part of the forthcoming amendment to the Act on Child Care Services in Children’s Groups to ensure that savings periods are added up upon the transfer of funds to new retirement savings products and that the…

Employee stock option plans to revert to old rules of taxation of income from…

After almost a year of uncertainty over the taxation of income from employee stock option plans, a proposal to amend the Income Tax Act was submitted by deputies during the discussion of an amendment to the Act of Child Care Services in Children’s…

Sale and exchange of crypto-assets: proposed exemption from personal income tax

The chamber of deputies is currently discussing a bill amending certain laws in connection with the implementation of EU regulations on the digitisation of the financial market and sustainability financing (Print 694). During the second reading, a…

pCbCR: administrative burden or shift towards tax transparency?

Public country-by-country reporting is another of a range of obligations aimed at increasing transparency in the taxation of multinational companies and preventing profit shifting to countries with lower tax rates. Selected multinational companies…

Flood aid: overview of available tax relief

In response to the widespread flooding, the Czech Financial Administration and the Czech Social Security Administration have issued several notices for citizens and companies, offering tax payment deferment, penalty waivers, and tax relief. Read to…

Government approves amendment to Tax Procedure Code and deletes problematic proposals

At the end of August, the government approved a comprehensive amendment concerning tax and customs administration, which also changes the related procedural rules in the Tax Procedure Code. Based on comments from the Chamber of Tax Advisors, the…

Government approves draft amendment to Act on Top-Up Taxes: 15 key changes

Among the most important changes are adjustments to the conditions and deadlines for filing top-up tax information returns and top-up tax returns, a simplification of the obligation to file top-up tax information returns, and adjustments aimed at…

Inspections by tax authorities targeting interest

Summer usually brings rest and holidays, but for some taxpayers it can be a time of increased attention from the tax authorities. In recent weeks, the tax authorities have been actively contacting taxpayers to verify the tax deductibility of certain…

What will amendment to Accounting Act bring?

The draft amendment to the Accounting Act approved by the government will change the categorisation of entities and introduce new obligations regarding sustainability reporting. During the comment procedure, the originally proposed effective date…

Finance ministry on future of windfall tax

The Czech Ministry of Finance reports that the state's extraordinary revenues from tax on windfall profits and levies on surplus revenues and wealth gains have not yet covered its extraordinary expenses related to the energy crisis. Although not…

Top-up tax: postponed deadlines and other proposed changes

The Act on Top-Up Taxes has not been valid a full year yet, but a draft amendment is already underway. The Ministry of Finance has now published the draft amendment after having incorporated comments. The most important changes concern the deadlines…

Amendment to Income Tax Act introduces huge changes in personal income tax

Responding to the forthcoming new Accounting Act, the Ministry of Finance has published a draft amendment to the Income Tax Act. The proposed effective date of 1 January 2025 and other parts of the amendment may still change during the legislative…