When do penalties for additional tax returns arise? How to avoid them?

Generally, no penalty arises if the incorrectly paid tax is corrected in an additional tax return. Unfortunately, the amendment to the Tax Procedure Code effective from 1 January 2021 gives rise to situations where an additional tax return can lead…

Minimising penalties - how to claim a waiver?

Depending on the results of a tax inspection, a penalty of 20% of the additionally assessed tax or 1% of the amount by which a tax loss was reduced may become due. This amount is fixed, and cannot be reduced by tax administrators on their own.…

Reduction of penalties for late payment of social security premiums by employers

The Government approved a legislative proposal reducing penalties for late payment of social security premiums and contributions to the State employment policy by the employer. The proposed measure aims to improve the employers’ cash flow by…

Data leaks could cost you dearly

Last year, one of the historically highest penalties for breaches of personal data protection, CZK 1.5 million, was imposed on a well-known e-shop that had failed to protect its customers’ personal data including passwords to their user accounts. …

AML regulation: risk of penalties of up to CZK 130 million

Obliged persons under the AML Act will be subject to new duties whose violation may result in severe penalties that could be potentially destructive for smaller companies. The legal regulation of sanctions relating to anti-money laundering measures…

Personal Data Protection Office imposes first fines for GDPR breaches

With the adoption of the General Data Protection Regulation (GDPR) has come considerable uncertainty among personal data controllers and processors as to the amount of penalties to be imposed by the Personal Data Protection Office for its breaches.…