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Newsletter

2017

The amendments to tax laws already was published in the Collection of Laws on 16 June and will become effective from 1 July 2017. Most of the changes to value added tax regulations will be effective as of the mentioned date. A majority of the changes to income tax will not be reflected until the 2018 tax period (or the tax period beginning on 1 July 2017 or later if the tax period is a fiscal year).
The General Financial Directorate published opinions on the impossibility of the exemption of the transfer of apartment units not located in residential buildings and on the tax regime of individuals operating photovoltaic power stations. Those opinions react to certain discrepancies in wording of acts and the original lawmakers' intention. The important thing is that the tax administration used originally also an approach different than those presented in the new opinions. This can cause certain complications for the affected tax payers.
KempHoogstad Tax News 6/2017
Contents: Amendment to tax laws finally approved, prepared changes to international measures against tax evasion, information published by the General Financial Directorate
KempHoogstad Tax News 4/2017

2016

Expected Changes in Tax Regulations for 2017: Income Tax Act, Value Added Tax Act, and the Tax Code.

KempHoogstad Tax News 12/2016
The Act on Proving the Origin of Property, Guidance notes regarding the electronic registration of sales, Amendment to the Real Estate Acquisition Tax Act, Changes to VAT
KempHoogstad Tax News 10/2016
Act no. 112/2016 Coll. on the Electronic Record-keeping of Cash Sales has been approved and selected entities will be obliged to record their cash sales electronically (ERKCS) from the end of the year. What do you know about the electronic record-keeping of cash sales? Those who think that the electronic record-keeping does not relate to them perhaps only know that it will concern sending electronic data about cash sales to the financial authority and issuing receipts which will be traceable in the electronic register of the tax administrator. Those who are concerned with the ERKCS probably know much more.
KempHoogstad - Electronic Record-keeping of Cash Sales
Approved tax changes, amendments under way, prepared tax changes, closed coordination committees
KempHoogstad Tax News 6/2016
Reverse charge mechanism in the supply of electricity, gas and supply of electricity certificates, electronic records of sales - development of the draft law, planned VAT changes, proposed mitigation of penalties related to the inspection report, information from the General Directorate of Finance on the application of VAT on immovable assets, income tax return for the 2015 tax period, changes related to the audit duty
KempHoogstad Tax News 3/2016

2015

Certain issues and their interpretation: lease of space and parking places – VAT application, VAT on induced investments from the income tax point of view, VAT exemption applied on providing retraining. Overview of approved changes for 2016: VAT exemption for the supply of real estate, inspection reporting duty and electronic submission of VAT returns, amendment to the Accounting Act and related amendments, amendment to the Real Estate Tax Act.
KempHoogstad Tax News 11/2015
Application of VAT for real estate, outline of changes to income tax, changes to excise tax, reminder relating to the inspection report duty.
KempHoogstad Tax News 10/2015
The General Financial Directorate informs about the inspection report, amendment to the Investment Incentive Act, Amendment to the Real Estate Tax Act, proposal for nationwide operation of Financial and Customs office.
KempHoogstad Tax News 07/2015
Electronic submission obligation, changes to income taxes and VAT, amendment to the Acoounting Act, bill on electronic record-keeping of cash sales
KempHoogstad Tax News 03/2015

2014

Amendments to the VAT Act and the Income Tax Act, tax relief for pensioners for 2013, OECD's guidelines regrding transfer pricing, act on evidencing the source of property
KempHoogstad Tax News 11/2014
Changes in value added tax, changes in income tax, concurrent functions, tax relief for pensioners, minimum wage, restrictions on payments in cash, tax office bank accounts, sharing information on the recipients of bank payments
KempHoogstad Tax News 9/2014

2013

Like almost every year, this upcoming January will be marked by numerous legislative changes that may affect your business. This year's novelties are also underpinned by a new civil legislation (particularly the entirely new Civil Code - the “New Civil Code” and the Business Corporations Act). Below we provide an overview of the most important changes in the fields of taxes and accounting.
KempHoogstad Tax News 12/2013
In 2014, there will be important changes in VAT relating to the sale of land.
The sale of land that is value added tax exempt in 2013 may be taxed with the base tax rate under certain conditions. This change will significantly influence the prices of land sold to individuals who cannot reclaim VAT, so the mentioned change will increase the prices of land. As for VAT payers, the change influences the cash flow at sale.
Naturally, all depends on whether the proposed legal modification is approved in the legislative process, but we can assume it will be approved.
The article is written by Olga Holubová, a VAT specialist who is one of the most respected experts in the field in the Czech Republic.
KempHoogstad Tax News - VAT special, 11/2013
Changes to legislation are proposed and approved practically every year, and there are numerous changes prepared for 2014 as well. Currently, the Chamber of Deputies is debating over several draft acts relating to the re-codification of private law, which will come into effect on 1 January 2014.
KempHoogstad Tax News 5/2013

2012

Higher tax burdens on employees with above-average incomes, financial administration of the Czech Republic, directive issued by the General Financial Directorate no. D - 10 on services with low added value provided between related entities/associated firms, the General Financial Directorate informs on the Czech tax administration's involvement in pension reform, new rules for deferral of accessions of tax.
KempHoogstad Tax News 12/2012
Approval of the technical amendment to the VAT Act, changes proposed in the budget packet, measures to tackle late payments, amendment to the Accounting Guidelines for Entrepreneurs, estimated value of bonuses for employees.
KempHoogstad Tax News 10/2012
Approval of Act no. 458/2011 Coll. on changes to acts relating to the establishment of a single collection point - future changes with a fundamental impact on tax rates, more rigorous collection of taxes and arrears by tax authorities - inspections relating to the "svarc-system", new treaties between the Czech Republic and tax havens on the exchange of tax related information
KempHoogstad Tax News 5/2012

2011

Remuneration to employees and company management, value added tax, creation of a specialised financial office, real estate tax for solidified surfaces, further tax developments
KempHoogstad Tax News 12/2011
VAT and a new EU Directive, real estate tax - hard surfaces, international taxation - new treaty with China, VAT - bonuses and discounts, VAT - insolvency proceedings, accounting: foreign currency receivables and obligations, and conditional investment expenditures
KempHoogstad Tax News 8/2011
The validity of the VAT Amendment (the obligation to keep a tax document after a deduction is claimed, the possibility to adjust the tax for receivables during insolvency proceedings, tax guarantee, VAT in the case of bonuses to recipients), aspects of an employment simultaneous with a statutory body function
KempHoogstad Tax News 3/2011

2010

Income tax, Reserves Act, new fee for solar power plants, triple tax amendment - gift tax, VAT, Tax Code, accounting regulations, sickness insurance
KempHoogstad Tax News 12/2010
Planned changes in the Czech tax system in 2011 and 2012, creation of specialised Financial Offices, VAT and Tax Code, interruption of trade licence activities, cancellation of the obligation to keep accounts for photovoltaic projects
KempHoogstad Tax News 9/2010
VAT Act amendment - employment benefits, new rules for coordinating social security in the EU (overlapping work in more EU states, sending workers abroad, electronic certificates and exchange of information), real estate tax amendment, SAC decision on dividend financing
KempHoogstad Tax News 5/2010