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New developments in VAT – a VAT correction / reduction for claims arising six or less months before insolvency

25.5.2015
The recent judgment of the Supreme Administrative Court has provided a completely new perspective on claims against insolvent debtors. For such claims, a VAT correction (and hence reduction) can be claimed by providers of supplies they did not get paid for and would therefore be required to pay VAT themselves.
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New developments in VAT – reverse charge mechanism extended and other recent changes

4.5.2015
Did you know that VAT may be excluded from the prices of mobile phones and laptops? With effect from 1 April 2015 (it’s no April Fool’s joke) the tax administration has extended the range of items subject to the reverse charge mechanism. The mechanism applies to B2B transactions (i.e. between two taxpayers) with the place […]
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Filed your 2014 financial statements in PDF or as a hard copy and the tax authority refused to accept them?

28.4.2015
We already informed you about the new statutory obligation to file tax returns electronically, where the taxpayers or their representatives have a live data box, and the obligation to have financial statements audited electronically. We also alerted you to potential ambiguities. In addition, in particular those who keep accounting records face another problem – what to do with financial statements.
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Real estate value upon spin-off

20.4.2015
In connection with company restructuring, in recent years we have seen companies dividing the manufacturing activities from asset management. Real estate spin-off into a separate entity brings numerous advantages, the biggest being: more efficient company management processes and lower costs easier bank financing increased asset liquidity assets become more attractive for potential sale of the […]
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Every entrepreneur should save the biggest and the best deal for last…

13.4.2015
At first glance, this may seem illogical. How can you predict whether a deal is the biggest or best or that another even bigger and better offer will come along? However, the truth is that passing your assets to the next generation is essentially the biggest business deal we carry out (because entire accumulated wealth […]
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Financial due diligence, and a pig in a poke

30.3.2015
Since childhood, we have been told that buying a pig in a poke is not a good idea. In transactions involving the acquisition of a business – that is quite a lot of money – the pig and the poke are first carefully examined and only then bought.
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Archive certificate no longer required for company strike-off from the Commercial Register

23.3.2015
Enclosures that must be provided with an application to strike a company off the Commercial Register also include a certificate confirming that the method of dealing with a liquidated company’s documents has been discussed with the regional state archive having jurisdiction over the liquidated company’s registered office.
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Child tax credits in 2015

23.3.2015
 The Income Taxes Act (Act No. 586/1992 Sb., as amended) has been amended by Act No. 267/2014 Sb. The changes have affected tax credit amounts and rules for granting the credits depending on the number of children living in a common household. Since January 2015, child tax credits have been increased. The tax credit for […]
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Expert opinions – highly effective tool for transfer pricing defence

3.3.2015
The tax authorities have recently launched a systematic collection of information on related-party transactions. This is aimed at making audits of transfer pricing methodology (arm’s length prices charged to transactions with related parties) more efficient and extensive. In this respect, numerous questions arise as to how transfer prices should be defended and whether transfer pricing […]
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People don’t know how to stay rich

25.2.2015
Family Office services offered by RSM, the world’s number 7 in audit, are used by the richest families in all parts of the world, including the Czech Republic and Slovakia. Many of them have accumulated their wealth in the last hundred years. What do rich families need and how much wealth did they lose during […]
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