Property Tax Increase in Prague
The capital city of Prague has issued a general municipal regulation, increasing the local coefficient value from 1 to 2. Based on the increase in the coefficient, the property tax has doubled. This will mainly…
Abuse of Law Discussed Again at the Supreme Administrative Court
In its recent judgment ref. no. 6 AFS 376/2018-46 of 14 November 2019, the Supreme Administrative Court (hereinafter the “SAC”) dealt with the concept of abuse of law. Let us remind you that the concept of abus…
Free Trade between the EU and Singapore
On 21 November 2019, an agreement on economic partnership was entered into between the EU and Singapore. Since then, all products originating in the EU may be imported to Singapore without customs duties. Simil…
From the practice of the Supreme Administrative Court: R&D tax relief
The Supreme Administrative Court (“SAC”) issued two important rulings in relation to the tax-deductible items for research and development (“R&D”). In the first case, the SAC dealt with a possible bias of t…
FASB changed effective dates of certain standards
The Financial Accounting Standards Board (FASB) has issued a communication around the new or finalized effective dates for most recent standards. Changes allow more time to implement and adopt credit losses, le…
IFRS EU Endorsement Process [November 2019]
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 6 November 2019.…
Tax package introducing changes in consumption and gambling taxes passed by the Chamber of Deputies
On 6 November 2019, the Chamber of Deputies passed a bill amending selected tax legislation in relation to increasing the public budget income. The amendments concern, inter alia, consumption and gambling taxes…
Foreign Exchange Gains or Losses in the Financial Statements
The year-end is approaching, which entails financial statements for those companies whose reporting period corresponds to the calendar year. The financial statements involve a number of procedures, referred to …
What Does the RTS on SCA Bring with Regard to Statutory Audits?
Regulatory technical standards for strong customer authentication (the “RTS to SCA”), which entered into force on 14 September 2019, brought about a number of new obligations to payment service providers, inclu…