Closing out 2022 in IFRS financial statements
This article provides a high-level overview of the new and revised Standards and Interpretations that are effective for the December 2022 calendar year-end and subsequent accounting periods.
New guidance on the waiver of tax penalties introduces the assessment of the factual aspects of the additional tax charge
The Tax Code allows for the waiver of penalties, default interest, interest on deferred amount and fine for late claims. Once the basic conditions, i.e. the formal requirements and a good tax morale, have been …
Fees in accounting: estimated payables or reserves?
With the end of the financial year, many companies are faced with the need to recognise unpaid management or employee bonuses in their accounts. Each year we see different views on how to handle this in the fin…
VAT news [January 2023]
The General Financial Directorate has published two key pieces of information relating to the current amendment to the VAT Act. The Ministry of Finance has published in its newsletter a new methodology for the …
Announcement of a new timetable for OP TAC for 2023
At the beginning of January 2023, the Ministry of Industry and Trade published the timetable of calls of the Operational Programme Technology and Applications for Competitiveness (OP TAC) for 2023. We have prep…
Tax authorities issued new methodology for the interpretation of Income Taxes Act
Last December, the General Financial Directorate (“GFD”) issued the long-awaited instruction GFD-D-59 on a uniform procedure for the application of certain provisions of Act No. 586/1992 Coll., on Income Taxes,…
Model Financial Statements under IFRS as adopted by the EU for the year ended 31 December 2022
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.
Energy price cap – from January for large companies as well
In December 2022, the government approved the capping of electricity and gas prices for households, small and medium-sized enterprises and now also for large enterprises. The price cap came into force on 1 Janu…
When is a document presumed to have been delivered to the taxable entity’s data box?
As part of the shutdown of data boxes at the end of 2022, the data box system was updated so that the generated proofs of delivery of documents delivered by administrative authorities are in accordance with las…