The trade agreement between the EU and the UK was entered into on Christmas Eve and has been provisionally applied since 1 January 2021; however, it is expected that it will be approved by the European Parliament with retroactive effect. What principal customs and VAT implications arise from this agreement? Is your company fully prepared for trading with the UK? And what are the rules for trading with Northern Ireland?
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Reports on exchange of financial account information and guidance on the transfer pricing implication of the COVID-19 pandemic were published by the OECD. ECOFIN expressed their support for the implementation of DAC 7. Divided distribution by Gibraltar companies to eligible Luxembourg entities will be subject to dividend withholding tax as of 1 January 2021. The French Supreme Administrative Court ruled on the interpretation of tax treaties and PE concept. New PE rules were introduced also in Denmark. Other interesting news refers also to tax changes in Portugal, Belgium or US.
Extraordinary economic conditions brought about by the COVID-19 pandemic and consequent responses of governments in individual countries may bring numerous practical difficulties in applying the arm’s length principle. For this reason, the Organisation for Economic Co-operation and Development (the “OECD”) issued a report on 18 December 2020 containing recommendations for taxpayers and financial administrations how to proceed when applying transfer pricing rules in periods affected by the COVID-19 pandemic.
The version of the model consolidated financial statements under IFRSs as adopted by the EU prepared by the Prague office of Deloitte is available on Deloitte’s website in both Czech and English.
The European Financial Reporting Advisory Group (EFRAG) updated its report showing the status of endorsement of each IFRS, including standards, interpretations, and amendments, most recently on 14 January 2021.
It has been several months since landmark ruling of the Supreme Administrative Court ref. no. 1 Afs 445/2019-47 which confirmed the entitlement of VAT payers to a 14% interest on excess deduction plus the Czech National Bank’s repo rate instead of only 1% plus the Czech National Bank’s repo rate. What effect has this change had on the administrative practice of the Financial Administration? And is it possible to require a higher interest also in closed cases?
There is no doubt that we live in a complicated world and it may often feel overwhelming to try to understand the massive amount of new information about environment destruction, technology, social changes and legislative regulations. What changes does the amendment to the Czech Water Act bring? What is the role of cities and regions in the transition to circular economy? What are the risks that accompany the decline in biodiversity? Read about the most topical issues in the world of environmental law.
