Shortly after this year’s tax package was approved (with effect from 1 April 2019 – detailed information is available here), the Ministry of Finance has prepared a draft bill to amend the following tax legislation with effect from 1 October 2020.
You can read detailed information about this year’s tax package in the article The Final Version of the Tax Package has Been Approved.
- As we have already informed you here, an EU directive has been transposed into the Value Added Tax Act aimed at improving the existing system of intra-Community supply of goods, affecting, inter alia, the rules for supply of goods to another EU member state, the call-off stock regime as well as a special regime for travel services.
- The already-completed transposition of the ATAD Directive into the Income Taxes Act has been extended to include the borrowing costs restriction to be also applicable to private corporation owners as well as the taxation of controlled foreign entities in the case of basic investment funds. These matters are not specifically addressed in the current wording of the Act.
- Introducing the reporting duty of selected cross-border arrangements for intermediaries (advisors) and taxpayers in the Act on International Cooperation in Tax Administration and the Act on Special Court Proceedings.
- A change in the European Union’s customs territory has been reflected in the Excise Tax Act; specifically, the Italian municipality of Campione d’Italia and the Italian waters of Lugano Lake were added.
Circulation of the draft bill for external comments is underway, with numerous comments aimed at specifying the forthcoming changes presented by the Chamber of Tax Advisers of the Czech Republic. We will keep you informed on the future developments of the legislative process.
The article is part of dReport – April 2019, Tax news; Grants and investment Incentives.
