Taxes
What will global minimum effective tax do to Czech companies?
The finalisation of the global minimum effective tax regulation is progressing at the OECD and EU levels in parallel. There is a general consensus on the introduction of a 15% tax. EU member states are obligated to adopt the relevant legislation as…
Energy price capping: compensation subject to VAT?
In February, the government approved an amendment to the government decree on compensation paid to suppliers for the delivery of electricity and gas at fixed prices, which was supposed to clarify whether this compensation is subject to VAT. The…
Russia on the list on non-cooperative jurisdictions: tax implications for Czech…
With effect from 21 February 2023, the Council of the EU extended the list of non-cooperative jurisdictions for tax purposes to include the British Virgin Islands, Costa Rica, the Marshall Islands, and Russia. For the first time, this may have wider…
GFD Instruction D-59 from corporate income tax perspective
GFD Instruction D-59 replacing existing Instruction D-22 mainly brings clarifications resulting from the conclusions of available case law and coordination committees from recent years. Pertaining to corporate income tax, however, the instruction…
GFD publishes Q&As on DAC7
The document providing methodological guidance through questions and answers summarises the obligations of digital platform operators arising from the new reporting obligation relating to sellers and sales made through these platforms.
New Accounting Act has clear outlines
The law promises to reduce the administrative burden and move accounting towards international standards. Together with implementing decrees, accounting standards, and a law amending related legislation including the Income Tax Act, the act should…
What’s new in tax for employees in 2023?
With the new year come changes in employee taxation as well as social security and health insurance. The maximum assessment base for social security contributions has increased and the limit from which wages are taxed at 23% has been raised. Many…
Levy on surplus market revenues of electricity producers
In November, an amendment to the Energy Act passed through the legislative process at record speed, introducing a levy on surplus market revenues for most electricity producers and implementing part of EU Council Regulation 2022/1854 of 6 October…
Changes in mandatory establishment of databoxes
The mandatory establishment of data boxes for all natural persons will most likely be abolished. The legislative amendment introducing the mandatory establishment of data boxes from 1 January 2023, which is already valid but not yet in effect, will…
Fuel card market to change significantly?
The application of VAT on fuel cards is a much debated topic among the professional public, mainly due to the lack of relevant legislation. The EC's VAT Committee has issued a working paper which rather surprisingly does not entirely conform to the…
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.
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…