Proposed Amendments to the AML Act
Legislation regulating anti-money laundering and counter-terrorist financing remains a hot topic. Following a series of amendments in 2017 and 2018 relating primarily to the implementation of the 4th AML Direct…
Expansion of electronic sales records approaching
On Friday 13 September, the Chamber of Deputies overrode the proposal of the Senate and approved the amendment to the Act on Electronic Sales Records. After more than one year in the Chamber of Deputies, the am…
Posting employees within the EU – half-time in the implementation of the new directive
Free movement of services as the basic principle of the internal market of the European Union has brought the necessity to coordinate conditions under which companies in one member state can assign their employ…
VAT News [September 2019]
What news is brought by the amendment to the VAT Act that will come into force in the spring of next year? Have you remembered to mark the important dates in your calendar to claim VAT refunds from other EU cou…
IFRS EU Endorsement Process [September 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 13 September 201…
Amendment to the Tax Code in the Legislative Process
The amendment to the Tax Code, which was approved by the Government of the Czech Republic at the end of August 2019, promises changes in favour of taxable persons and modernisation of the tax administration. Th…
DAC 6: New Obligation to Report Certain Transactions to Taxation Authorities in Advance
The Chamber of Deputies is currently discussing the governmental draft bill implementing the directive on administrative cooperation in the field of taxation (“DAC 6”). This directive regulates the obligation o…
Ground-breaking ruling: usability of financial statements in deciding on profit distribution
In its ruling of March 2019, the Supreme Court allowed the use of ordinary or extraordinary financial statements as a basis for the payment of profit shares until the end of the following reporting period. This…
Planned Income Tax Changes for 2020
The Chamber of Deputies of the Czech Republic is currently debating two amendments to the Income Taxes Act (Act No. 586/1992 Coll., the Income Taxes Act, as amended), which may come into force in 2020. These a…