Antivirus Programme
Employers whose economic activities will be at risk due to the COVID-19 spread will be granted a contribution to fully or partially cover salaries, which the employees will be entitled to due to an impediment t…
The Effects of COVID-19 Pandemic on Cash Flow Hedge Accounting
In April 2020, the Financial Accounting Standards Board (FASB) issued FASB staff question-and-answer document (Q&A) focused on the application of the guidance in Topic 815, Derivatives and Hedging, in relat…
Supreme Administrative Court Case Law: Tax Treatment of Assignment of Receivables Arising from Contractual Sanctions
The Supreme Administrative Court (“SAC”) has issued a ruling (10 Afs 171/2019-51) dealing with the question of how to tax assigned receivables from contractual sanctions arising in the current period or that ar…
VAT News [May 2020]
The Chamber of Deputies will discuss amendments to the VAT Act, for instance an amendment establishing rules for intra-Community trade in goods or an amendment altering the procedures for mail order sale of goo…
How to Introduce a Smart Tax Office?
The current coronavirus pandemic has also brought about an increased interest in remote working. However, not all taxable subjects were fully prepared for this situation. We have noticed that many companies suf…
Conditions for Drawing Benefits from the Double Taxation Treaty with the Republic of Korea
On 20 December 2019, an amended version of the treaty on the avoidance of double taxation and the prevention of income tax evasion between the Czech Republic and the Republic of Korea (the “Treaty”) entered int…
Amendments to IFRS 3 endorsed for use in the EU
On 21 April 2020, Amendments to IFRS 3 Definition of business were endorsed by the European Commission for use in the European Union. The EU effective date is the same as the IASB’s effective date.
Announcement of New Public Tenders for the Support of Applied Research and Innovations by the Technology Agency of the Czech Repub…
In early April, the Technology Agency of the Czech Republic announced a new call aimed at the support of applied research, experimental development and innovations in the area of transportation – TRANSPORTATION…
Announcement of New Programmes, Calls and Public Tenders to Support the Fight Against COVID-19
In early April, several calls and public tenders from various programmes were announced in response to the current situation caused by COVID-19. More details about Technology COVID-19, Czech Rise Up – Smart Mea…