17. 1. 2017
17. 1.
2017
Last month’s tax and legal news in a few sentences.
- At the end of 2016, the European Commission approved an expected draft proposal for the temporary derogation consisting in the application of the generalised reverse-charge mechanism. To apply the generalised reverse-charge mechanism, the existing version of the proposal requires meeting a large number of conditions that currently cannot be fulfilled by the Czech Republic. As a result, the Czech Republic has been excluded from its application. The draft proposal is yet to be discussed by the European Council.
- An amendment to the Accounting Act (published under no. 462/2016 Coll.) imposes a duty on large businesses and groups to provide non-financial information in their annual and similar reports. This involves information about environmental protection, human rights, fighting corruption and social affairs.
- An amendment to the Act on Excise Duties (published under no. 453/2016 Coll.) extends the application of a refund of part of excise duties on diesel oil (green diesel oil) to farmers involved in livestock production. The act becomes effective from 1 March 2017.
- An amendment to the VAT Act aimed to decrease the VAT rate applicable to newspapers and magazines from 1 January 2017 was vetoed by the president before Christmas. The document is going back to the chamber of deputies. The 15% VAT rate thus remains in application.
- An amendment to the Building Savings Act (published under no. 461/2016 Coll.) allows for a more efficient supervision over the fulfilment of conditions for the provision of the building savings state subsidy by the Ministry of Finance.
- The Constitutional Court made two interventions in legislation regulating VAT ledger statements. Changes were made to the delivery of calls and the method of defining required data.
- On its website, the Ministry of Labour and Social Affairs published a list of changes in labour and social affairs in 2017. These involve, for example, an increase in the minimum wage, the introduction of a new allowance for fathers, or more flexible parental allowances.
- On its website, the GFD draws attention to the deadline for filing real estate tax returns, which is Tuesday 31 January 2017. Tax returns must be submitted by all taxpayers who in 2016 acquired land or a building/a residential or non-residential unit liable to real estate tax. Taxpayers or their representatives who have data boxes must file their tax returns electronically.
- The GFD published Instruction D-31 prescribing uniform FX rates for the translation of foreign currencies in the 2016 taxable period.
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