Tax, Legal & Business News 2016

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November 2016

  • Insurance for statutory body members
  • State aid to Apple in Ireland?
  • Preparations for EET are well under way
  • European directive reports significant breaches of e-shop cybersecurity
  • Small and medium-sized entities will no longer be required to disclose non-financial information in their annual reports

September 2016

  • The EU adopted a directive against tax evasion
  • Possible tax changes for individuals in the next year
  • Amendment of VAT Act – Mitigation of sanctions for non-submission of a control statement and other changes
  • Pressure on ownership transparency is growing
  • Amendment on consumer credit brings new demands on their providers

VAT flash - July 2016

The new Customs Code and the amendment of the VAT Act were signed by the President

On Wednesday27 July 2016, the Czech president signed the draft of the new Customs Code and the accompanying acts, mainly the amendment of the Czech VAT Act, using a wording approved by the Senate. The announcement in the collection of laws (“Sbírkazákonů“) will acquire their effectiveness upon publication, whereas some of the provisions have deferred effectiveness. We expect that it should happen on Friday 29 July 2016.

June 2016

  • The Ministry of Finance and select institutions submitted their comments to the EU's initiatives against tax evasion
  • Financial administration and professional public clarified the interpretation of certain obligations upon reporting tax exempt income
  • The Ministry intends to get tough on use of flat rate expenses in exchange for tax credits
  • The new Customs Code changes the classification of special customs regimes
  • Prague among the top 5 most exciting cities in Europe for hotel business

May 2016

  • Uncertain ties about gratuitous revenues resolved
  • Czech Republic and Monaco will exchange tax information
  • Increase in the tax benefits for children is approved
  • Electronic evidence of revenues will start in December 2016
  • The forthcoming legislative amendment will fundamentally change theaudit of public interest entities
  • New legal regulation will simplify the prosecutorial system
  • Supreme Court: Even the annex of the contract of he transfer of equity interest must have officially verified signatures
  • India introduced anelectronic travel visa, Canada eTA permits

Tax Flash - Social Security edition

  • As of 1 May 2016, a new supplementary agreement to the Social Security Treaty between the CR and the US covering the area of health insurance is now in force.

Tax Flash - 29 April 2016

  • Tax administration has additionally assessed nearly a billion Czech crowns of tax liabilities as a result of transfer pricing audits.

April 2016

  • April’s change of the taxpayer is postponed
  • Interest in the case of VAT excess retention remains low
  • Tax offices will be able to accept credit card payments
  • The Chamber of Deputies approved the automatic exchange of tax decisions with EU Member States
  • Legal entities will be held criminally responsible for more crimes
  • Accounting news for 2016
  • Employees working at the “under the work activity agreement” will be legally entitled to vacation

March 2016

  • The amendment to the Act on Significant Market Power
  • Extrajudicial disputes between the seller and the consumer will be settled by state
  • European Court: Employers can monitor private correspondence of their employees
  • European Commission proposed a package of measures against tax evasion
  • Amendment to the Income Taxes Act changes the asset depreciation period and child tax allowances
  • The first control statements filed late without penalty and reverse charge for foreign persons
  • 45,000 taxpayers did not hand in first control statement

February 2016

  • Changes in the reverse charge procedure will affect electricity and gas traders
  • The Double Tax Treaty with Liechtenstein is in force
  • European Commission proposes new measures against tax evasion
  • Sources for asset depreciation may block payment of dividend
  • The Chamber of Deputies will discuss the implementation of MiFID II
  • New law reduces the number of non-bank loan providers
  • European Commission agreed that double tax treaties can be discriminatory
  • Increase in the tax benefit for the second child is awaiting approval
  • New amendment changes the legal deadline for the administration of visas and stays
  • IFRS 16: Car acquired under an operating lease will be in the balance sheet