News in Brief, September 2023

DOMESTIC NEWS

• Decree 264/2023 Coll., on the percentage share of individual municipalities in the national gross revenue from value added tax and income taxes, was published in the Collection of Laws.
• Decree 258/2023 Coll., amending Decree No. 71/2011 Coll., on the form, structure, and manner of keeping and providing data that a bank and a branch of a bank from a state other than an EU member state is obliged to keep and provide to the Financial Market Guarantee System, was published in the Collection of Laws.
• An amendment to Act No. 565/1990 Coll., on local fees, was published under No. 252/2023 Coll. and is effective from 1 January 2024.
• The Czech Republic is now among countries in which large multinational and national corporate groups will have to pay at least a minimum income tax of 15%. The bill on top-up taxes to ensure a minimum level of taxation of large multinational and large national groups passed its first reading in the chamber of deputies in August.
• The chamber of deputies discussed in its first reading a bill amending certain laws in connection with the development of the financial market and the promotion of old-age security. The main proposed measures are the long-term investment product and some changes to Pension Pillar III.
• The Ministry of Finance has updated the list of treaties on the avoidance of double taxation on income and property taxes effective in the Czech Republic.

FOREIGN NEWS

• The European Commission approved an implementing regulation on the detailed rules for reporting on the carbon border adjustment mechanism (CBAM) during its transitional phase from 1 October 2023 to 31 December 2025. The deadline for the first report is 31 January 2024. The Commission has also issued two guidance documents explaining the new rules.