Deputies pass windfall tax

The chamber of deputies today have approved the introduction of a tax on windfall profits for 2023 to 2025, in the form of a bill submitted by the Minister of Finance. All amending proposals were withdrawn or rejected.

Amendment to VAT Act to increase limit for compulsory VAT registration

The limit for compulsory VAT registration should increase from CZK 1 million to CZK 2 million from 1 January 2023. This should particularly help small businesses adversely affected by the COVID-19 pandemic. The draft amendment contains other changes…

Windfall tax’s final stages: bill to be debated in Parliament

Parliamentary deputies are currently discussing the proposal to introduce a tax on windfall profits (windfall tax) for selected taxpayers in the fossil fuel and energy sectors and for banks. The tax should apply between 2023 and 2025. Excess profits…

Extraordinary measures to mitigate high energy prices

The EU Council has approved the Regulation on an Emergency Intervention to Address High Energy Prices. In addition to a binding target to reduce electricity consumption during peak times by at least 5%, it introduces two new resources for national…

Excise duties: EMCS system extended

An amendment to the Excise Duty Act implementing Council Directive (EU) 2020/262 enters into effect partly in October 2022 and fully from 13 February 2023. The directive aims to enhance harmonisation across member states, clarify the terms used, and…

2021 as seen by financial administration

The yearbook titled Information on the Financial Administration's Activity once again provides interesting insight into the activities of the tax authorities. Did you know that the number of completed procedures to remove doubt and tax inspections…

2024 VAT Act amendment: notification obligation for payment providers

The draft amendment to the VAT Act that should enter into force on 1 January 2024 introduces a new notification obligation for payment service providers regarding payments abroad. The obligation is based on changes to EU legislation establishing…

GFD’s new information on reporting obligation under DAC 6: practical part

The General Financial Directorate (GFD) has published a new list of questions and answers on the reporting obligation for cross-border arrangements (DAC 6 reporting). Below we summarise the most relevant information from the practical part of these…

Austerity tariffs for gas and electricity – what about VAT?

The austerity tariff for households that the government has prepared in response to skyrocketing energy prices will be reflected in legislation as an amendment to the Energy Act. Details on the provision of a contribution for energy payments are set…

Windfall tax outlined

The government has released a working paper on extraordinary profits tax (windfall tax) that it used in its negotiations with the National Economic Council of the Government (NERV). The finance ministry will now use the document as a basis for…

Standard VAT rate confirmed for take-back of electrical equipment

The Coordination Committee of the General Financial Directorate (GFD) and the Chamber of Tax Advisors has concluded that the current practice of applying the standard VAT rate to the take-back of electrical equipment and related services shall…

Discount on social security contributions for part-time employees

From 1 February 2023, an amendment to the Act on Social Security and State Employment Policy Contributions will allow employers to apply a discount on insurance premiums for selected employees in part-time employment or service relationships. The…