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. I…
Brexit Update: No-Deal Looming Near
The 11-month transition period, which started by the UK officially leaving the EU on 31 January 2020, is coming to an end, making Brexit the talk of the town once again. The ongoing negotiations about the futur…
The statute of limitations cannot exceed ten years, not even in the case of tax loss
In May, we informed you about a ground-breaking ruling of the Supreme Administrative Court which rejected the tax administration’s practice of extending the statute of limitations by so-called tax loss chaining…
Tax Outlook for 2021
The Ministry of Finance has submitted a proposal for tax amendments for 2021 to the government. These amendments are summarised in Document of the Chamber of Deputies No. 910, which has currently passed its fir…
VAT News [August–September 2020]
Quick fixes, which regulate certain rules for cross-border transactions within the European Union, will take effect from September. The Court of Justice of the European Union (CJEU) has ruled in three interesti…
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 re…
VAT payers are entitled to higher interest due to lengthy reviews of excessive deductions
The Supreme Administrative Court rendered a judgement in mid-July, which has a significant impact on the amount of compensation pertaining to VAT payers whose excessive deduction refund was withheld by the tax …
Free Trade Between the EU and Vietnam
The EU-Vietnam Free Trade Agreement will enter into force on 1 August 2020. From this date onwards, mutual duty-free trade will be possible for a wide range of products. For certain selected types of goods, the…
Reporting obligation under DAC VI: The Czech Republic will use the option to postpone deadlines to early 2021
The process of reporting cross-border arrangements was supposed to start on 1 July 2020. However, the Council of the European Union has currently approved a proposal to provide EU member states with an option t…