Tax

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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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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Tax returns – since January 2015 online only?

9.2.2015

Last January, a mandatory online filing was prescribed for VAT returns. An amendment to the Tax Code effective since 1 January 2015 has introduced another, more significant extension of mandatory electronic communication which will now apply to tax returns for 2014 filed after the effective date of the amendment (such as road tax, income tax, and real estate tax returns). Who and what is subject to this online filing requirement?

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Second reduced 10% VAT and other tax changes effective from 2015

11.11.2014

The Chamber of Deputies of the Czech Parliament has passed an amendment to the VAT Act and an amendment to the Income Taxes Act. If the amendments are approved by the Senate and signed by the President, most of the proposed changes will take effect on 1 January 2015. The amendment to the VAT Act […]

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Do you have your transfer pricing documentation ready?

30.9.2014

As presented in one of our recent newsletters, corporate income tax returns for 2014 should include a new enclosure identifying related-party transactions. The enclosure is expected to be a new source of information for tax administration. Therefore, it can be expected that intra-group relations will move up the scale of the tax authorities’ priorities after […]

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Personal tax credit again applicable to working pensioners

9.9.2014

In 2014, working old-age pensioners (employees or self-employed) may once again claim a personal tax credit.

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The latest challenges for tax administration

2.9.2014

The battle against tax evasion continues, and is being fought determinedly through new measures introduced on all fronts. As usual, the costs (hopefully tax-deductible) will be borne by a majority of “innocent” taxpayers.

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Next year’s certain (and uncertain) developments in taxes

11.8.2014

The Government of the Czech Republic has presented to the Chamber of Deputies a proposed amendment to the Income Taxes Act, which is to be discussed at the 12th meeting of the Chamber of Deputies from 15 July 2014. The amendment is expected to take effect on 1 January 2015.

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Restrictions on the tax-deductibility of commission for luncheon vouchers – a new judgement of the Supreme Administrative Court

17.6.2014

In its recent judgement, the Supreme Administrative Court has confirmed the practice applied by tax authorities in respect of the tax-deductibility of the costs of commission for luncheon vouchers.

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