GFD issues information on the amendment to the VAT Act and instructions on how to complete VAT ledger statements
In connection with the approved amendment to the VAT Act effective from 1 July 2017, the General Financial Directorate (GFD) issues information on areas subject to the amendment and amends instructions on how to complete VAT ledger statements.
Latest news - June 2017
Last month’s tax and legal news in a few sentences.
Change in VAT relating to the realisation of security
Already signed by the president, an amendment to the VAT Act introduces a considerable change for banks and other VAT payers who secure the future payment of their receivables with movable and immovable property. According to the new amendment,…
The moment of export from a VAT perspective
Last year’s amendment to the VAT Act changed the definition of a tax document upon the export of goods. A recent contribution submitted by the Chamber of Tax Advisors for discussion in the coordination committee with the GFD clarifies the moment at…
Interest on long-retained excess deductions liable to income tax?
Interest on long-retained excess deductions of up to 14% p.a. was first awarded to a taxable entity by the Supreme Administrative Court more than two and a half years ago. Since then, a number of administrative courts proceeded similarly and…
With tax package approved, GFD preparing draft information on amendment to VAT Act
The chamber of deputies has approved a tax package referred back to the chamber by the senate in its original “chamber” wording. In particular, the senate’s motions to amend VAT on real property were dismissed by deputies. Even though the effective…
Penalties for VAT ledger statements: new waiver options
The General Financial Directorate (GFD) is expanding options to waive penalties for the failure to file VAT ledger statements, or for their late filing, amounting to CZK 10, 30 or 50 thousand. It will be possible to waive up to two penalties for…
GFD provides clarification on reporting of sales received from carriers
Have you properly set contractual terms and conditions with your carriers? Do you know when and who is supposed to report sales with payment collection provided by carriers? Please note that for ERS purposes, not all carriers are the same! The…
Clarification of VAT regime on re-sale of telecommunication services
The General Financial Directorate (GFD) decided to respond to frequent inquiries regarding the purchase and sale of electronic communication services and issued a clarifying appendix to its already-published information. The application of a…
Latest news - March 2017
Last month’s tax and legal news in a few sentences.
Latest news - February 2017
Last month’s tax and legal news in a few sentences.
GFD clarifies VAT regime upon resale of telecommunication services
Owing to a considerable degree of ambiguity primarily with respect to the resale of telecommunication services, the General Financial Directorate (GFD) decided to respond to frequent inquiries by publishing an appendix to the previously issued…