VAT News [January 2020]
The amendment to the VAT Act is still in the legislative process; thus, the new rules called “Quick Fixes” have not yet come into effect, and this despite the EU requirements effective from 1 January 2020. The …
Property Tax Increase in Prague
The capital city of Prague has issued a general municipal regulation, increasing the local coefficient value from 1 to 2. Based on the increase in the coefficient, the property tax has doubled. This will mainly…
Abuse of Law Discussed Again at the Supreme Administrative Court
In its recent judgment ref. no. 6 AFS 376/2018-46 of 14 November 2019, the Supreme Administrative Court (hereinafter the “SAC”) dealt with the concept of abuse of law. Let us remind you that the concept of abus…
What is the Green Deal all about?
Launching the Green Deal, a new strategy for green growth, on 11 December, the European Commission made a powerful move to voice out its ambition for establishing Europe as the first net-zero greenhouse gas emi…
Free Trade between the EU and Singapore
On 21 November 2019, an agreement on economic partnership was entered into between the EU and Singapore. Since then, all products originating in the EU may be imported to Singapore without customs duties. Simil…
From the practice of the Supreme Administrative Court: R&D tax relief
The Supreme Administrative Court (“SAC”) issued two important rulings in relation to the tax-deductible items for research and development (“R&D”). In the first case, the SAC dealt with a possible bias of t…
Czech Christmas in America
It was a six-hour drive from Philadelphia to a small village in Massachusetts to visit Grandma and Grandfather for Christmas. During the journey, Count Henry Francis Kolowrat would sit with a dog named Red in h…
Enterprises and crisis management: How to efficiently avoid problems and reduce any potential losses?
Effective management and overcoming sudden crises is one of the principal tasks of each management team. It is a far from a simple mission– there are usually numerous important factors and consequently every mi…
FASB changed effective dates of certain standards
The Financial Accounting Standards Board (FASB) has issued a communication around the new or finalized effective dates for most recent standards. Changes allow more time to implement and adopt credit losses, le…