Amendment to Asset Valuation Act to define market value
Draft amendment to the Asset Valuation Act submitted by the government to parliament aims to introduce a definition of market value as an alternative valuation method into Czech law. If…
Major changes to tax procedure rules ahead
The Ministry of Finance has released for intra-departmental comments an extensive amendment to the Tax Procedure Code. Its impressive 130 points will affect many old ways. For instance, the ministry proposes to change the system of charging interest…
Pitfalls of quick fixes: proving transport and chain transactions
In the May issue of Tax and Legal Update, we covered the first two changes arising from the draft 2020 amendment to the VAT Act. The amendment also contains important changes as regards…
VAT refund also for irrecoverable receivables from non-payers?
In response to an older ruling of the Court of Justice of the EU (CJEU) in the Enzo Di Maura case (C-246/16), the amendment to the VAT Act effective from 1 April 2019 has extended the…
Amendment to VAT Act: Are meal vouchers liable to VAT?
The tax package returned by the Senate to the Chamber of Deputies, to be discussed again on 12 March 2019, contains, among other things, the implementation of the Vouchers Directive. This directive regulates the rules under which the VAT regime for…
Chamber of Deputies passes tax package – highlights
Just before the holidays, the Chamber of Deputies passed the so-called tax package (Print No. 206). The draft amendment still needs to be discussed by the Senate in January. Below, we draw attention to some changes in personal income tax and VAT.
Fast-growing number of unreliable payers
The unreliable payer concept has been in the VAT Act since 2013. According to the GFD, in combination with the taxable supply recipient’s liability for unpaid VAT, this concept should…