Sustainability reporting standards
Sustainability has been a topic of growing importance for quite some time and has recently transitioned from technical discussions centred on reducing carbon footprint and conserving natural resources to also e…
The Supreme Administrative Court has decided when interest on incorrectly assessed tax does not arise
In its July 2023 decision, the Supreme Administrative Court ("SAC") upheld the existing case law stating that a taxpayer is not entitled to interest on an incorrectly assessed tax if the taxpayer paid the tax b…
Support up to CZK 100 million for renewable energy sources from OP TAC
As of Wednesday 6 September, companies can apply for financial support for the use of renewable energy sources, specifically for the construction and modernisation of small hydropower plants and for the convers…
Czech Republic–Russia: limitations on the application of the double taxation treaty
On 29 September 2023, a Notice of the Ministry of Foreign Affairs on the suspension of the application of Articles 5 to 22 and 24 of the Treaty between the Government of the Czech Republic and the Government of…
New calls will support sustainable water management and circular economy in businesses
On 14 September 2023, the Ministry of Industry and Trade announced two long-awaited calls to promote more efficient resource management. Specifically, the “Sustainable Water Management” call, aimed at sustainab…
In brief from international taxation [September 2023]
The Pillar Two implementation process, which introduces a minimum taxation rate of 15% for multinational groups and large domestic groups, is continuing in EU countries. The most recent developments have been i…
IFRS EU endorsement process [September 2023]
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 28 August 2023.
TREND Programme – Newcomers: preliminary parameters of the public tender are available
In the summer, the Technology Agency of the Czech Republic (TA CR) announced the preliminary parameters of the 11th public call for tenders under the TREND - Newcomers programme. The call of the Newcomers sub-p…
IASB publishes amendments to IAS 21
On 15 August 2023, the International Accounting Standards Board (IASB) published 'Lack of Exchangeability (Amendments to IAS 21)' that contains guidance to specify when a currency is exchangeable and how to det…