Software-as-a-Service arrangements
There has been an evolution in the technological architecture of entities across the world. This has resulted in potentially significant accounting changes for entities that have entered into cloud-computing ar…
New personal income tax forms
Following the amendment to the Income Taxes Act effective since 1 January 2021, a decree of the Ministry of Finance (No. 335/2021 Coll.) was published in the Collection of Laws after more than 8 months, amendin…
National Recovery Plan and first calls
The Ministry of Industry and Trade had been preparing the National Recovery Plan (NRP) for several months and it was finally approved by the Economic and Financial Affairs Council (ECOFIN) and the Council of th…
In Brief from International Taxation [October 2021]
Germany will allow partnerships to tax income as corporations through corporate tax. The Finnish Supreme Administrative Court has issued a ruling regulating the rules restricting the tax deductibility of intere…
VAT news [October 2021]
Starting from the next year, changes in the VAT application in the provision of performance subject to a special scheme for travel agents will take effect. According to the Court of Justice of the European Unio…
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 Tran…
I-46: A new interpretation of the National Accounting Council
The following article briefly summarises the key points of the new National Accounting Council’s interpretation I-46: the accounting treatment of free business and settlement shares in limited liability compani…
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…
OECD: Implementation plan of a two-pillar solution
The OECD kept its promise and issued a Statement on 8 October 2021 involving a draft implementation plan of the two-pillar solution to address the tax challenges arising from the digitalisation and globalisatio…