Articles by: Catherine Slavíčková

Tax 

A new interpretation of the National Accounting Council on the accounting treatment of a free business and settlement share

The Czech National Accounting Council has approved the new interpretation I-46 (“the Interpretation”) on the accounting treatment of free business and settlement shares in companies with limited liability and a settlement share in associations, i.e. in a case when a partner leaves the company (e.g. on the basis of an agreement on the termination of participation or due to death). 

14. 10. 2021
Tax 

Briefly on the reporting obligation under DAC VI

On 1 January 2021, a new obligation was introduced to notify tax authorities of certain cross-border transactions and other arrangements that meet characteristics defined by law. Due to a lack of clarity on this issue, either in terms of the actual meaning of the terminology used, situations that may be subject to reporting, or the procedures, we try to address this issue in our dReport on a regular basis. We have come up with a brief summary of the latest development and news for you. 

25. 5. 2021
Tax 

Update on the reporting obligation of cross-border arrangements (DAC VI) – deadlines extended to the beginning of 2021

Based on the 6th amendment to the Directive on administrative cooperation in the field of taxation (“DAC VI”), EU member states (including the Czech Republic) have introduced an obligation for businesses to report selected cross-border transactions and other arrangements to taxation authorities. The objective is for the tax administrator to gain better insight into the use of tax regulations and aggressive tax planning. The start of the reporting obligation was planned for the first half of this year, but the Czech Republic has made use of the possibility to postpone the reporting deadlines to the beginning of 2021. 

18. 9. 2020
Tax 

Tax News – Summer 2020

We have already informed you in our previous articles about the forthcoming changes, which include so-called implementation package amending several legal regulations due to the implementation of EU tax laws. In terms of taxes, the implementation package of the Ministry of Finance of the Czech Republic slightly amends the Income Taxes Act, brings about a major change in cross-border transactions in the VAT Act and also introduces the long-announced obligation to report cross-border arrangements in the Act on International Cooperation in Tax Administration. 

17. 9. 2020
Tax 

Update on the reporting obligation in cross-border arrangements (DAC VI) [August 2020]

Based on the 6th amendment to the Directive on administrative cooperation in the field of taxation (“DAC VI”), EU member states (including the Czech Republic) should introduce an obligation for businesses to report selected cross-border transactions and other arrangements to taxation authorities in advance. The objective is for the tax administrator to gain better insight into the use of tax regulations and prevent aggressive tax planning. 

24. 8. 2020
Tax 

Latest Update on the Reporting Obligation for Cross-Border Arrangements (DAC VI)

Based on the Directive on Administrative Cooperation in the Field of Taxation (“DAC VI”), EU member states, including the Czech Republic, should introduce the obligation of economic entities to report to taxation authorities certain cross-border transactions and other arrangements, so that tax administrators gain a better understanding of the use of tax regulations and of aggressive tax planning. The reporting process was supposed to be launched on 1 July 2020; with regard to the current situation, however, the original date might be postponed. However, no specific proposal has been put forth so far. 

22. 6. 2020
Tax 

Possible Postponement of the Reporting Obligation Deadlines in Relation to Cross-border Arrangements (DAC VI)

Based on the sixth amendment to the Directive on administrative cooperation in the field of taxation (the so called DAC VI), taxpayers in the EU Member States, including the Czech Republic, will be required to report to the tax authorities certain cross border transactions and other arrangements, so that the tax administrator would obtain a better understanding of tax compliance and aggressive tax planning. 

22. 5. 2020