Taxes
Changes in VAT Act expected in 2019
The Ministry of Finance has submitted a draft amendment to the VAT Act with planned effectiveness from January 2019 for external comments. The amendment aims to comply with the duty to transpose new EU regulations into our legislation and to…
Changes to Income Tax Act in 2019
Taxpayers are up for major changes starting from 2019. At least according to the first draft of the amendment to the Income Tax Act, released by the Ministry of Finance for external comments. The concept of taxation of individuals is to change…
Information duty towards tax administrators extended again
Right after New Year’s Day, the government submitted to the Chamber of Deputies an amendment to the Tax Procedure Code, significantly expanding the extent of information that the tax authority may request from third parties. The extended information…
ERS changed and its further fate questioned
Those of you getting ready to join the ERS regime should pay attention: in the middle of last December, the Constitutional Court cancelled some provisions of the Act on the Electronic Reporting of Sales. This judgement will also affect some who are…
Opportunity to obtain aid from public resources in 2018
Numerous businesses use various forms of public support to finance their investments. New financing opportunities for 2018 have already been announced or are currently under preparation. Utilised most commonly are investment incentives, subsidies…
VAT not to be included in acquirer’s immovable property acquisition tax base
VAT will not be included in the immovable property acquisition tax base even if the person liable to this tax is the acquirer. Based on this, persons liable to immovable property acquisition tax may file additional tax returns and claim part of the…
Amendments to GFD’s information effective from January
The General Financial Directorate (GFD) announced that the existing approach to the waiver of penalties for the failure to file VAT ledger statements will also be applied in 2018 and that the unreliable payer concept criteria will be extended…
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.