Taxes
Will some investment funds lose their tax advantage?
In December, the Senate submitted to the Chamber of Deputies its own draft amendment to the Income Tax Act designed to narrow the definition of basic investment funds.
News in international tax cooperation
We have seen many changes in international tax cooperation in recent years, especially in the area of multilateral instruments. 2017 introduced a few novelties in bilateral double taxation treaties. An overview of the changes in these treaties…
Third call for applications under Energy Saving programme announced
On 1 November 2017, the Ministry of Industry and Trade announced a third call to participate in the Energy Saving programme. The programme focuses on the support of measures aiming to reduce energy consumption leading to the overall improvement of…
Stricter rules for VAT exemption of transport connected with exportation of goods
The EU Court of Justice’s judgment of 29 June 2017 tightens conditions for the exemption from VAT of transport services connected with the exportation of goods outside the EU.
Binding rulings for permanent establishments
From 1 January 2018, taxpayers may ask tax administrators for binding rulings on the manner of determining the tax base of a permanent establishment (or a registered branch of a foreign entity) located in the Czech Republic.
Country-by-country reporting’s most common first-phase errors
In 2017, we repeatedly discussed the amendment to the Act on International Cooperation in Tax Administration introducing country-by-country reporting – CbCR. 31 October 2017 was an important date of the first phase of CbCR.
Top eight tax news items for employers and employees in 2018
The maximum assessment base for social insurance and the minimum wage will increase, which will affect the amount of some other mandatory payments and tax credits. Employees will also be allowed to complete their statements of payroll tax…
GFD guideline on research and development
Case law of the Czech Supreme Administrative Court confirms that a flawless research and development project represents a necessary precondition for claiming a research and development deduction in a tax return. The General Financial Directorate …
Are you renting out on Airbnb? Then you are liable to tax, says financial…
Accommodation providers using internet portals such as Airbnb should be on their guard. The General Financial Directorate’s Information published in October 2017 draws attention to tax obligations in this area, covering income taxes, value added tax…
VAT: Do you know you should have known?
In their data boxes, selected VAT payers have recently received a notice whose purpose at first sight is not entirely clear. In the Notice on Taking Adequate Measures the tax administrator lists recommended preventive measures.
Taxation of disproportionate profit share distributions
The Coordination Committee of the General Financial Directorate and the Chamber of Tax Advisors recently dealt with the taxation of profit distribution under the Corporations Act in situations where members of a limited liability company or…
A clear path towards interest on retained deductions
The taxpayer’s entitlement to interest on long-retained excess deductions has been repeatedly confirmed by the Supreme Administrative Court (SAC), despite the financial administration’s displeasure. The General Financial Directorate (GFD) finally…