VAT News [September 2019]
What news is brought by the amendment to the VAT Act that will come into force in the spring of next year? Have you remembered to mark the important dates in your calendar to claim VAT refunds from other EU cou…
IFRS EU Endorsement Process [September 2019]
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 13 September 201…
Amendment to the Tax Code in the Legislative Process
The amendment to the Tax Code, which was approved by the Government of the Czech Republic at the end of August 2019, promises changes in favour of taxable persons and modernisation of the tax administration. Th…
DAC 6: New Obligation to Report Certain Transactions to Taxation Authorities in Advance
The Chamber of Deputies is currently discussing the governmental draft bill implementing the directive on administrative cooperation in the field of taxation (“DAC 6”). This directive regulates the obligation o…
Ground-breaking ruling: usability of financial statements in deciding on profit distribution
In its ruling of March 2019, the Supreme Court allowed the use of ordinary or extraordinary financial statements as a basis for the payment of profit shares until the end of the following reporting period. This…
Planned Income Tax Changes for 2020
The Chamber of Deputies of the Czech Republic is currently debating two amendments to the Income Taxes Act (Act No. 586/1992 Coll., the Income Taxes Act, as amended), which may come into force in 2020. These a…
Uncertainties regarding the processing of biometric data persist; experts’ opinions on their processing differ
In recent months, the Office for Personal Data Protection (the “Office”) has attracted the attention of both the professional and non-professional public with its decisions or statements on the processing of bi…
The Biggest Pitfalls of Adopting IFRS 16, which Addresses the Reporting of Leased Assets
Since 1 January 2019, IFRS 16 has been in effect. This standard substantially revised the accounting treatment applied by lessees to leased assets. For companies, this means more demanding work with data; the n…
Announcement of New Calls in the Operational Programme Enterprise and Innovations for Competitiveness
During September, the Ministry of Trade and Industry plans to announce a series of calls focusing on research and development activities under the Operational Programme Enterprise and Innovations for Competitiv…