Amendment to Income Tax Act introduces huge changes in personal income tax
Responding to the forthcoming new Accounting Act, the Ministry of Finance has published a draft amendment to the Income Tax Act. The proposed effective date of 1 January 2025 and other parts of the amendment may still change during the legislative…
Taxation of disproportionate profit share distributions
The Coordination Committee of the General Financial Directorate and the Chamber of Tax Advisors recently dealt with the taxation of profit distribution under the Corporations Act in…
Not only personal income tax under Supreme Audit Office’s scrutiny
From June 2016 to this spring, the Supreme Audit Office (SAO) examined personal income tax administration and its examination outcomes do not spare the financial administration from criticism. In its report, the SAO estimates how much the…
Lafata scores against tax authorities
The Supreme Administrative Court reversed a lower court’s decision on the taxation of the Czech football player David Lafata’s income. The SAC granted his arguments that a professional…
New Income Tax Act: what to expect?
A new Income Tax Act has been the declared priority of the Ministry of Finance for a long time. Based on information behind the scenes, the wording of the new law arranged according to sections is currently under preparation and should be ready for…
When will Income Tax Act amendment become effective?
An amendment to the Income Tax Act, already signed by the president, is set to come into effect on the fifteenth day of its publication in the Collection of Laws. According to unofficial sources from the Ministry of Finance, the publication will be…
Expected income tax changes
A tax package, containing changes in income taxes, VAT and tax procedure rules, has passed its third reading in the chamber of deputies and is currently moving to the senate. The important changes to the Income Tax Act that have already been…
Binding rulings now also on allocation of profits to permanent establishments
Thanks to the budget committee’s amending proposal, the above mentioned amendment to the Income Tax Act (Print No. 873) expands the applicability of binding rulings. These will now also apply to the method in which profits are allocated to a…
Latest news - February 2017
Last month’s tax and legal news in a few sentences.