Taxes

GFD clarifies VAT regime upon resale of telecommunication services

Owing to a considerable degree of ambiguity primarily with respect to the resale of telecommunication services, the General Financial Directorate (GFD) decided to respond to frequent inquiries by publishing an appendix to the previously issued…

International tax information exchange extended

Another amendment to the Act on International Cooperation in Tax Administration is to introduce a new duty to share information about financial results, performed activities, staff numbers and many other indicators.

Top six tax news items for employers and employees in 2017

Higher tax reliefs relating to both employer and employee contributions to employees’ supplementary pension insurance and life assurance schemes are already a given. Another increase in tax credits for dependent children is yet to be approved. Below…

Ways to quicker excess VAT deduction refunds

Excess VAT deductions retained by tax administrators cause cash-flow problems to a large number of corporations. When claiming refunds of excess deductions amounting to millions of Czech crowns, taxpayers often have to wait a long time for the…

How to correctly treat research and development?

A recent decision of the Supreme Administrative Court regarding a research and development expenditure deduction again emphasised the importance of expert opinions in cases of doubt. During inspections the tax authority must take into account the…

New calls under the ICT and Shared Services programme

At the end of October, first calls within the long-awaited second call under the Enterprise and Innovations for Competitiveness Operational Programme (OP EIC) were finally announced. In addition to calls designed for small and medium-size businesses…

GFD’s information on reverse-charge application on telecommunication services: some…

The reverse-charge regime has been applied to selected electronic communication services since 1 October 2016. The General Financial Directorate (the "GFD") has published information that should have clarified reverse-charge application conditions.…

Where to, income tax?

Discussions regarding a new long-awaited Income Tax Act have again been growing in intensity. In a recently published document the Ministry of Finance reveals some of its first intentions and concepts.

Second call for the TRIO programme

In early October, the Ministry of Industry and Trade announced a second call for participation in the TRIO programme, designed to support projects focusing on industrial research and experimental development relating to key technologies. Companies…

Starting in December: Proving the origin of assets

An act on proving the origin of assets has passed through the legislative process (321/2016 Coll.) The Senate made the original proposal even stricter by lowering the threshold for proving the origin of income to CZK 5 million. The Chamber of Tax…

Deputies discuss amendment to VAT Act

An amendment to the VAT Act, planned to be in effect from 1 January 2017, is now discussed in its first reading at the chamber of deputies. Its original wording has changed slightly during the external comment procedure.

Dealing with the biggest pain of VAT inspections

For a long time, during VAT inspections, honest businesses have mostly feared failing to prove the receipt of supplies from an uncontactable supplier or their supplier’s involvement in VAT fraud without the recipient’s knowledge. A recent Supreme…