Tax & Business News 2009

The PricewaterhouseCoopers bulletin Tax & Business News, the next generation of Tax & Legal Alert. Issued regularly on monthly basis, Tax & Business News bulletin places emphasis on changes and news in connection with Czech tax legislation, audit, accounting and financial advisory and their particular implications on your business.

Tax Flash is another publication you can read and download from this page. Tax Flash is issued in response to important changes in Czech and European legislation. Its aim is to supply the Czech business community with information applicable to its business operations.

We hope that you consider our newsletters useful and a valuable source of information.

Tax & Business News 09/2009 (2 October 2009) pdf 621 KB  

• Scrap fees explored
• Premature delight over discarding mileage books
• Favourable adjustment for taxation of members of statutory bodies
• Change in taxation of professional development of employees
• The Ministry of Finance expressed its opinion to tax uncertainties
• Important case-law of the Supreme Administrative Court
• Who can remove dividers from their cars?
• Czech Government to support biofuel
• Looking for better days
• ECJ corner
• Revolutionary change in retail sales
• EU VAT Package yet to be approved
• Manufacturing production in the month of July has decreased
• The average gross salary rose by 2.8%
• Events...
• PwC Business Academy
  

Tax Flash (2 October 2009) pdf 231 KB

• The Chamber of Deputies approved on Friday, 25 September 2009, changes in the Government bill amending certain laws in connection with the preparation of the state budget for 2010 (referred to as the Janota’s package). The approved bill will now be forwarded to the Senate. Below, we present an overview of the most important changes in the taxes and the social security and health insurance.
  
  

Tax & Business News 08/2009 (7 September 2009) pdf 611 KB  

• Payment of taxes and social insurance
• Reminder: The amendment of the Administration of Taxes Act
• Deductions on social security contributions available as of August 2009
• EU VAT package waiting for approval of the Parliament
• Fund of qualified investors can result to tax savings
• Lump sum cost operating for motor vehicles
• Major changes in EU regulations on social security
• US services regs – Czech considerations
• New stricter rules on VAT exemption for goods followed by a dispatch
• Value Added Tax
• The European Commission has released a Communication on VAT grouping
• Stadeco BV – Refunds of incorrectly charged VAT conditional on issue of corrected invoices
• Tax advantages will not be lost by mortgage refinancing
• Entities may need to delay recording revenue from real estate sales
• Cross-border provision of services to be simplified
• Benefits Group – Keep costs of benefits under control
• Weakening Czech economy consumes less energy
• Retail industry observes further decline in revenues
• First Annual Report on CR
• Events...
• PwC Business Academy
  

Tax Flash (24 August 2009) pdf 186 KB  

• The Fund of Qualified Investors will help decrease taxes
  
  

Tax & Business News 07/2009 (3 August 2009) pdf 504 KB

• Deductions on social security insurance contributions
• EU VAT Package in the Czech Parliament
• … ECJ Corner
• The statutory limit for tax assessment is in the game again
• VIES against tax frauds
• Super-accelerated depreciation and leasing in practise
• The Ministry of Finance expresses its opinion on some important tax topics
• IFRIC 13 – Customer Loyalty programmes
• The new publication “IFRS and Czech GAAP – Similarities and Differences” was issued
• Additional financial instruments disclosures required re: fair value measurement
• Mining industry: Flexibility and close eye on costs are the key success factors according to PricewaterhouseCoopers report
• No place to hide from the digital revolution
• European IPO markets remain largely closed as secondary issues absorb investors’ funds
• Events...
• Future Events...
• PwC Business Academy
  

Tax Flash (8 July 2009) pdf 314 KB  

• In this Tax Flash we bring you practical information regarding new EC Sales list.
  
  

Tax & Business News 06/2009 (2 July 2009) pdf 411 KB

• Four pieces of tax news from Parliament Excise duty – EMCS postponed
• Customs Electronic entry and exit summary declarations – postponed
• Application of a new IFRS 8, Segment reporting
• ...ECJ Corner
• Amendment to Act on Protection of Economic Competition – considerable extension of the period for imposing a fine
• Criminal prosecution for economic results?
• Comments from our professionals on current situation
• The 10 most important trends in development of the pharmaceutical industry over the last 10 years
• Transform Magazine - New frontiers: Pulling ahead with innovation
  

Tax & Business News 05/2009 (1 June 2009) pdf 1,5 MB  

• Practical implications of the accelerated depreciation and the financial lease
• Deadline for VAT refund claim submission end of June
• News in the elimination of double taxation for personal tax
• Agreement on Social Security between Czech Republic and Japan to enter into force 1 June 2009
• Tax proceeding ends when decision in appeal procedure is cancelled
• Reduction of the VAT rate for selected services can go ahead
• Distribution of EORI numbers
• How to prepare and present financial statements based on IAS 1 – changes in 2009
• What does the new Act on Auditors contribute to companies subject to statutory audit?
• Volatile Czech currency requires consistent risk management
• Comments from our professionals on current situation
• Events…
• Get involved...
• Professional Training
  

TaxFlash (19 May 2009) pdf 234 KB  

• Income Tax Act
• Act on social security insurance
• Act on support of economic growth and social stability
• Commercial code
• Act on significant market force and its abuse
  
  

Tax & Business News 04/2009 (4 May 2009) pdf 605 KB

• The deadline for 2008 VAT refund submissions is approaching fast
• How to deal with VAT in case of company cars used for private purposes?
• Data Boxes: New form for official communication
• The Ministry issued its standpoint to the new thin capitalization rules
• Another amendment to the Income Tax Act brings many changes
• New tax administration regulations in the Parliament
• Amendment of the regulations of health insurance
• Transfer Pricing Documentation Requirements – newly introduced in Slovakia
• Customs Duty refund related to defective goods
• Changes in accounting of borrowing costs under IAS
• The auditor of the financial statements has to be approved by the general meeting
• Car dealers in the Czech Republic pessimistic about margin growth in 2009
• Events
• Professional Training
  

VAT Flash (21 April 2009) pdf 675 KB  

• The VAT Package - New rules for services
  
  

Tax & Business News 03/2009 (31 March 2009) pdf 367 KB  

• Parliament discusses important amendments of several tax laws
• Deduction on the social security insurance contributions
• Accelerated repayment of VAT refund
• The Government approved an amendment of environmental taxes
• Government approved EU agreement on reduction of VAT rates
• Input VAT deduction for passenger cars – approved and signed by the President
• Amendment to the Income Taxes Act
  
• Zero customs duty on LCD monitors with video connectors
• Most important changes in IFRS for this year
• Quo Vadis employer?
• Events
• Professional Training
• Investment performance tops insurance risks
  
  

VAT Flash (3 March 2009) pdf 251 KB

• Amendment of the Income Tax Act and the VAT Act
  
  

Tax & Business News 02/2009 (2 March 2009) pdf 426KB

• Electronic invoicing – one step closer
• EU VAT Package - new VAT rules for services
• Proposed renewal of duty suspension on LCD monitors
• Changes and news in regulation to the accounting for entrepreneurs
• Input VAT deduction for the purchase of passenger cars – updated information
• Remuneration must be paid for the discharge of the office of the statutory body or its member, if not expressly agreed otherwise
• CEO Confidence Plummets to New Low and Most Top Executives Expect Slow Turnaround
• European real estate industry ‘hunkering down’ for 2009
• Managing tomorrow’s people

VAT Flash (9 February 2009) pdf 173 KB  

• Input VAT deduction for passenger cars
• Other suggested changes of the VAT Act

Tax & Business News 01/2009 (6 February 2009) pdf 395 KB

• Constitutional Court referring to tax regulations
• The Agreement on Social Security between the CR and the USA entered into force
• Insurance overpayment – procedure for the year 2009
• New Mission Allowances related to Business Trips
• Last chance to be exempted from the Real Estate Tax!
• New obligation to register for municipalities and other bodies governed by the public law related to VAT
• Changes in regulation to the accounting for banks and other financial institutions
• The conversion of registered capital into Euro
• Customs news 2009
• Are CFOs from Mars and CIOs from Venus?