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Information of the General Financial Directorate on transfer pricing in financial transactions

On 9 August 2021, the General Financial Directorate issued information on the guidance on transfer pricing in financial transactions (the “Information”) in which the General Financial Directorate refers to Transfer Pricing Guidance on Financial Transactions (the “Guidance”) published by the Organisation for Economic Cooperation and Development (the “OECD”) in February 2020. Together with the Information, the General Financial Directorate published an unofficial translation of the Guidance into Czech. 

20. 10. 2021

Reintroduction of exemption of non-residents’ interest income from so-called Eurobonds

On 30 September 2021, an amendment to the Banking Act was published in the Collection of Laws, which was altered during the legislative process to also include an amendment to the Income Tax Act. This amendment reintroduces the exemption of non-residents’ interest income from so-called Eurobonds, i.e. bonds issued abroad by taxpayers with registered seat in the Czech Republic effective from 1 January 2022. 

20. 10. 2021

A new interpretation of the National Accounting Council on the accounting treatment of a free business and settlement share

The Czech National Accounting Council has approved the new interpretation I-46 (“the Interpretation”) on the accounting treatment of free business and settlement shares in companies with limited liability and a settlement share in associations, i.e. in a case when a partner leaves the company (e.g. on the basis of an agreement on the termination of participation or due to death). 

14. 10. 2021

Legal News [September 2021]: Airbnb provides accommodation services, not rentals

The Municipal Court in Prague has decided that short-term rentals made through Airbnb fall within accommodation services, and thus have to be taxed as a business activity. The Supreme Court found that the excessive duration of a legal dispute constitutes a rebuttable presumption of immaterial damage which should be compensated. The Constitutional Court pointed out that courts have to inform e-submission senders of the result of the verification of a recognised electronic signature also in cases where the automatic verification is performed by the courts’ IT systems. Find more information from the area of Czech law in the September edition of Legal News. 

30. 9. 2021