Latest news - August 2018
Last month’s tax and legal news in a few sentences.
Omnibus passed – administration to resume for suspended payment requests
On 16 July 2018, the Council of the EU adopted an amended omnibus regulation that lays down the conditions for drawing support from EU funds. The omnibus promises an overall simplification of the system of support. It constitutes a positive step for…
VAT on services connected with import and export of goods
In June, the Coordination Committee of the Chamber of Tax Advisors and the General Financial Directorate (GFD) issued a statement on the VAT exemption of services directly connected with the import and export of goods. The information confirms the…
Japan-EU Economic Partnership Agreement signed
Representatives of the EU and Japan met in Tokyo to sign an agreement on economic cooperation. It aims to create new opportunities for the import of agricultural products from the EU, remove Japanese customs duties on products such as cheese or wine…
Brexit: three customs arrangement options after Britain leaves the EU
If the present agreement remains unchanged, Great Britain will leave the European Union upon the lapse of the transition period, on 1 January 2021. At that time, it will most likely have to give up one of the greatest economic advantages of EU…
Tax penalty with a prison sentence on top?
One of the topics frequently discussed by Czech judiciary and tax professionals is the concurrence of administrative and criminal sanctions. A crucial issue here is the relationship between a penalty imposed in tax proceedings, and a subsequently…
OP EIC update
The media has disclosed information about the EU suspending the provision of aid within the Enterprise and Innovation for Competitiveness Operational Programme, whose governing body is the Ministry of Industry and Trade, as a result of a high error…
Scent trademarks and other news
A major amendment to the Act on Trademarks is currently being debated, with the planned effective date on 1 January 2019. If passed, the amendment will fundamentally change the system of registering trademarks in the Czech Republic. The amendment…
Crowdfunding under regulator’s scrutiny
The proposal for a regulation on crowdfunding platforms in the EU is currently subject to a comment procedure. Such platforms allow the public to invest in projects using relatively small amounts of funds, while the final collected sum may amount to…
Brexit: customs and indirect taxes if Great Britain turns into a third country
The two-year deadline that started on the date Great Britain announced its intention to exit the EU will expire on 29 March 2019. If Britain and the EU do not agree on a specific transitory period by then, any and all primary and secondary EU laws…
Online shopping without borders
We all got used very quickly to the abolition of roaming charges within the EU. And we may also enjoy prepaid Netflix, HBO Go, Amazon Prime, Spotify or Deezer subscriptions while travelling within the European Union. Yet another step towards the…
Guidance on determining beneficial ownership
The Advocate General has recently presented her views on a number of cases pending before the Court of Justice of the EU and dealing with beneficial ownership and its interpretation for the purposes of the EU directives. These legal disputes usually…