Taxes
Draft amendment to tax laws to increase public budget revenues
The Ministry of Finance disclosed a draft amendment to tax laws for 2020, aimed at increasing revenues for public budgets. Changes will primarily affect insurance companies that will have to additionally tax, on a one-off basis, the difference…
Czech reporting of cross-border transactions
The Ministry of Finance has submitted a draft amendment to tax legislation for 2020 for comments. The amendment includes, among other things, the implementation of DAC 6 and the introduction of reporting duties relating to selected cross-border…
Last call to participate in Employment Operational Programme: support for employee…
On 15 March 2019, the Ministry of Labour and Social Affairs announced a new call to participate in a programme supporting the professional education of employees relating to IT, languages, soft skills, and professional skills. This call is likely to…
Changes to income tax after 2019 amendment
The long-awaited tax package entered into effect on 1 April. Legal entities will primarily have to cope with changes to withholding tax, borrowing costs and cross-border transactions; individuals, on the other hand, will mostly be affected by…
2019 amendment to VAT Act: summary of major changes, vol. 2
Over the last year, in our Tax and Legal Update, we have discussed the changes to VAT that are part of the 2019 tax package many times. The final version of the amendment is on the table now, giving us the chance to summarise the major changes and…
Amendment to VAT Act: Are meal vouchers liable to VAT?
The tax package returned by the Senate to the Chamber of Deputies, to be discussed again on 12 March 2019, contains, among other things, the implementation of the Vouchers Directive. This directive regulates the rules under which the VAT regime for…
TREND – a new programme to support industrial research
The National Research and Innovation Strategy for the Czech Republic’s Smart Specialisation (National RIS3 Strategy) is preparing an entirely new programme to support applied research and experimental development. The TREND programme builds upon the…
Tax package 2019 – Senate propose changes
What is the stage of the 2019 tax package in the legislative process? Late in January, the Senate returned the bill to the Chamber of Deputies with amending proposals. Below, we summarise the most important ones.
Transfer prices and audits of financial statements
The beginning of each calendar year traditionally entails intensive work on audits of financial statements. Among multinational corporations in particular, accounting issues are very often closely connected to an audited entity’s cooperation with…
Do you use a coefficient to reduce VAT deduction entitlement? Watch out for…
A contribution submitted at the January meeting of the Coordination Committee of the Chamber of Tax Advisors and the General Financial Directorate was meant to harmonise the practical approach to tax amount corrections by payers who apply…
Customs administration on trading after Brexit
On its website, the customs administration (i.e. the General Customs Directorate or GCD) has issued information on the practical aspects of trading after a no-deal Brexit.
Chamber of Deputies passes tax package – highlights
Just before the holidays, the Chamber of Deputies passed the so-called tax package (Print No. 206). The draft amendment still needs to be discussed by the Senate in January. Below, we draw attention to some changes in personal income tax and VAT.