Taxes
New Accounting Act has clear outlines
The law promises to reduce the administrative burden and move accounting towards international standards. Together with implementing decrees, accounting standards, and a law amending related legislation including the Income Tax Act, the act should…
GFD publishes Q&As on DAC7
The document providing methodological guidance through questions and answers summarises the obligations of digital platform operators arising from the new reporting obligation relating to sellers and sales made through these platforms.
Levy on surplus market revenues of electricity producers
In November, an amendment to the Energy Act passed through the legislative process at record speed, introducing a levy on surplus market revenues for most electricity producers and implementing part of EU Council Regulation 2022/1854 of 6 October…
Changes in mandatory establishment of databoxes
The mandatory establishment of data boxes for all natural persons will most likely be abolished. The legislative amendment introducing the mandatory establishment of data boxes from 1 January 2023, which is already valid but not yet in effect, will…
Fuel card market to change significantly?
The application of VAT on fuel cards is a much debated topic among the professional public, mainly due to the lack of relevant legislation. The EC's VAT Committee has issued a working paper which rather surprisingly does not entirely conform to the…
Deputies pass windfall tax
The chamber of deputies today have approved the introduction of a tax on windfall profits for 2023 to 2025, in the form of a bill submitted by the Minister of Finance. All amending proposals were withdrawn or rejected.
Amendment to VAT Act to increase limit for compulsory VAT registration
The limit for compulsory VAT registration should increase from CZK 1 million to CZK 2 million from 1 January 2023. This should particularly help small businesses adversely affected by the COVID-19 pandemic. The draft amendment contains other changes…
Windfall tax’s final stages: bill to be debated in Parliament
Parliamentary deputies are currently discussing the proposal to introduce a tax on windfall profits (windfall tax) for selected taxpayers in the fossil fuel and energy sectors and for banks. The tax should apply between 2023 and 2025. Excess profits…
Extraordinary measures to mitigate high energy prices
The EU Council has approved the Regulation on an Emergency Intervention to Address High Energy Prices. In addition to a binding target to reduce electricity consumption during peak times by at least 5%, it introduces two new resources for national…
Coordination Committee – treatment of donations to Ukraine remains unclear
In response to the war, the government promptly came up with an act on tax measures in connection with the armed conflict in the territory of Ukraine caused by the invasion of the troops of the Russian federation, setting the conditions for the tax…
Excise duties: EMCS system extended
An amendment to the Excise Duty Act implementing Council Directive (EU) 2020/262 enters into effect partly in October 2022 and fully from 13 February 2023. The directive aims to enhance harmonisation across member states, clarify the terms used, and…
2021 as seen by financial administration
The yearbook titled Information on the Financial Administration's Activity once again provides interesting insight into the activities of the tax authorities. Did you know that the number of completed procedures to remove doubt and tax inspections…