IFRS EU Endorsement Process [June 2020]
The European Financial Reporting Advisory Group (EFRAG) updated its report showing the status of endorsement of each IFRS, including standards, interpretations, and amendments, most recently on 3 June 2020.
Expected Announcement of New Autumn Calls in the Operational Programme Enterprise and Innovations for Competitiveness
In autumn, the Ministry of Industry and Trade plans to announce several calls focused on research and development activities. These are mainly the means aimed at supporting investment and operating expenses, wh…
Current Developments in the Legislative Process of the Income Tax Act
The legislative process in the field of Act No. 586/1992 Coll., on Income Taxes, as amended (hereinafter referred to as "ITA"), is very rapid, its development is difficult to predict and, moreover, the individu…
Retrospective Utilisation of a Tax Loss – Approved Version
Following a rapid development in the proposed amendment to Act No. 586/1992 Coll., on Income Taxes, as amended (the “Income Taxes Act “), as regards retrospective utilisation of a tax loss, the government bill …
From COVID-19 to Digitising Business: Smart Tax Management, Contract Electronisation and New Business Models
The pandemic caused by COVID-19 surprised many companies and significantly changed the business environment. The behaviour of consumers, who are more likely to demand goods online, has changed, as brick-and-mor…
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 taxati…
VAT News [June 2020]
The legislative process concerning the amendment to the VAT Act continues. For selected types of goods, the opportunity to obtain an exemption from the duty to pay VAT is extended. The Court of Justice of the E…
IASB Amended IFRS 16 Due to the COVID-19 Pandemic
On 28 May 2020, the International Accounting Standards Board (IASB) published 'Covid-19-Related Rent Concessions (Amendment to IFRS 16)' amending the standard to provide lessees with an exemption from assessing…
3-month Exemption for Businesses to Pay Insurance Premium
The government has prepared another measure, which consists of an exemption for small and medium-sized businesses to pay part of insurance premium. The exemption means a decrease in the assessment base of the e…