Taxes
Chamber of deputies approves long-term investment product
In its third reading, the chamber of deputies has approved a bill on the development of the financial market and the promotion of old-age security, which, among other things, introduces a long-term investment product as a new tax-efficient old-age…
Consolidation package: detailed overview of changes
The Parliament approved the The Act on the Consolidation of Public Budgets. Most of the provisions are proposed to come into effect on 1 January 2024. Below we summarise the planned changes in tax and related areas.
Amendment to the VAT Act 2024: notification obligation for payment service providers
The Chamber of deputies has approved a draft amendment to the VAT Act that is to come into effect on 1 January 2024. Amending proposals that have been passed mainly concern the development of case law around tax submissions using prescribed forms.…
New rules for presentation of top-up tax in accounting
Entrepreneurs, banks, and insurance companies accounting for deferred tax will not have to consider the top-up tax when calculating deferred tax. However, they will be obliged to provide information about the top-up tax in the required extent in the…
Bookkeeping in foreign currency: how to determine functional currency and make…
The Ministry of Finance has published a draft amendment to the decree for entrepreneurs implementing the Act on Accounting. The new wording of the decree is related to the changes introduced by the consolidation package: provisions regulating the…
Proving R&D allowances will be easier
The chamber of deputies has discussed amendments to laws in connection with the development of the financial market. In the second reading, the coalition submitted a proposal to amend the Income Tax Act with the aim to simplify proving R&D…
Proposed changes in taxation of employee stock option plans
If you intend to provide employees with a benefit in form of an employee option or a share in a business corporation (most often by transferring shares as part of employee stock option plans), you will be interested in the currently discussed…
ViDA: extension of OSS and introduction of single VAT registration
The VAT in the Digital Age (ViDA) proposal promises to modernise the VAT system across the European Union, aiming to increase EU tax revenue, digitalise reporting, defend against tax fraud more effectively, and move towards a definitive VAT system.…
CBAM reporting in force since 1 October
From 1 October 2023, companies importing selected products from non-EU countries whose production is CO2-intensive (e.g., cement, aluminium, fertilisers, electricity, hydrogen, iron and steel and downstream products such as screws and bolts) are…
GFD extends range of goods donations subject to VAT on minimum value
The General Financial Directorate (GFD) has issued its long-awaited Information on the Application of VAT on Gratuitous Supplies of Goods. It will now be possible to donate perishable food and non-food goods with a minimum expiry date under more…
VAT in Digital Age (ViDA): digital reporting and e-invoicing
The draft ViDA Directive modernises the indirect tax system across the European Union, aiming to increase EU tax revenues, digitalise reporting, defend against tax fraud more effectively, and move towards a definitive VAT system that will view cross…
Proposed changes to consolidation package
The governing coalition has agreed on amendments to the bill on the consolidation of public budgets (consolidation package with planned effect from 1 January 2024). The bill has already passed its first reading in the chamber of deputies. Below, we…