VAT News [February 2020]
What changes in the VAT Act are in preparation? What are the greatest difficulties related to reducing the VAT rate on draught beer? How to look at benefit cards from the VAT perspective? These are just a few o…
New Methodical Guidance on Permanent Establishments
General Financial Directorate issued new comprehensive guidance on the taxation of the income generated by tax non-residents from activities performed by means of a permanent establishment. The new guidance rep…
Announcement of a New Call of the Technology Agency of the Czech Republic for the Support of Applied Research and Innovations
From March, the international call M-ERA.NET 2 Call 2020 will be opened, which is focused on promoting material research and innovations. Applicants can be both undertakings and public institutions.
Announcement of a New Call in the Operational Programme Environment
The Ministry of the Environment of the Czech Republic plans to announce, in cooperation with the State Agricultural Intervention Fund of the Czech Republic, a call to support projects for submitting the applica…
Income Taxes Act Outlook through 2021 – Significant Changes Considered in Individual Taxation
Parliamentary Press No. 572 updating, inter alia, Act no. 586/1992 Coll., on Income Taxes (the “ITA”) has not passed the legislation process yet and another amendment for 2021 is already being discussed. Accord…
Employment of Employees in Debt from the Perspective of Employer
Employees against whom is enforced a decision of state authorities by a certified enforcement administrator (in Czech: exekutor) or who are insolvent are not only worried themselves, but it also means extra wor…
Closing Out 2019 in IFRS Financial Statements
This article provides a high-level overview of the new and revised Standards and Interpretations that are effective for the December 2019 calendar year-end and subsequent accounting periods. Entities are, howev…
E-shop Must Pay Compensation to a Client for a Login Data Breach
In the case of a user who sued a Czech e-shop provider for a login and identification data breach, the Court reached a judgement and awarded financial compensation to the plaintiff. Would you like to find out m…
Amendments to IAS 1 and IAS 8 Endorsed for Use in the EU
On 29 November 2019, Amendments to IAS 1 and IAS 8 Definition of Material 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 (…