Taxes
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…
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…
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…
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…
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.
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.
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.
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…
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.
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…