Taxes
Extending compensation bonus period for the self-employed
The government has agreed on a bill extending the period for which self-employed persons may draw a compensation bonus in connection with the emergency measures. The bill still has to be passed by parliament and signed by the president.
Deadline for VAT refund only extended from next year?
On 21 April 2020 the government approved a bill on the administration of tax deductions, which should ensure that excess deductions of VAT shall be refunded to VAT payers within the currently valid 30-day deadline. The bill intends to suspend the…
Tax loss carry back
The Ministry of Finance has proposed an amendment to the Income Tax Act introducing the option to utilise tax losses retrospectively for up to two years, or prospectively for up to six years. This would not be just a temporary solution, as the…
Rent payments in pandemic times II – tax implications
The governmental bill on certain measures to mitigate the effect of the SARS-CoV-2 pandemic aims to protect lessees of commercial premises that are in default with rental payments. The bill may have a negative impact on lessors’ cash flows, due to…
COVID-19 and transfer pricing
While liberation packages may mitigate the immediate effects of the COVID 19 pandemic on businesses’ financial performance, sooner or later, enterprises that are part of multinational chains (MNEs) will have to deal with the crisis’ consequences for…
OPEIC: Last wave of calls includes large entities
The Ministry of Industry and Trade (MIT) has published an updated schedule of calls to participate in the Enterprise and Innovations for Competitiveness Operational Programme (OPEIC) for 2020. These will be the last calls within the current…
GFD on VAT rates from May 2020
VAT rates applicable to selected products and services will change in connection with an amendment to the Act on the Electronic Reporting of Sales. Most changes, such as the inclusion of water and sewer services or hairdresser’s and barber’s…
Amendment to Income Tax Act for 2021 - new taxation of bonds and monetary…
The Ministry of Finance has submitted for external comments an amendment concerning income tax. From 2021, the amendment should change the taxation of bonds, reduce the administrative burden associated with the reporting of tax-exempt income paid to…
No penalty for late payment of health insurance premium by employers for employees
Pursuant to an amendment to the Act on Public Health Insurance, until 21 September 2020, no penalties will be imposed for the late payment of health insurance premiums for employees for the period from March to August 2020.
Approval of financial statements of joint-stock companies and limited liability…
Under the current circumstances, when the right to assemble has been restricted due to the spread of COVID-19, it remains to be discussed how corporations should fulfil their corporate duties, especially in connection with holding general meetings.…
New calls in the fight against COVID-19
On 2 April 2020, the Ministry of Industry and Trade (MIT) announced new calls to participate in The Country for the Future and Czech Rise Up Programmes, focusing on support to fight COVID-19.
Ministry of Finance to abolish immovable property acquisition tax
The Ministry of Finance has announced its intention to abolish the tax on immovable property acquisitions and at the same time cancel tax deductions for new mortgages.