VAT news [August 2019]
What is new in terms of VAT? During July, the Senate rejected an amendment to the Act on Electronic Sales Records. The presented motion to amend will thus be returned to the Chamber of Deputies. The General Fin…
Introduction of digital tax in the Czech Republic
The Ministry of Finance has presented a legislative draft of the taxation of income from digital services, a so-called “digital tax”, and it has sent it for external consultation.
Personal Data Processing News [July 2019]
Personal data protection does not go unnoticed even in the summer. Great attention was attracted in particular by the British data protection authority ICO, which announced the possibility of imposing fines wor…
Investment Incentives and their End for the Manufacturing Industry?
Are you planning investments in production in the coming months? If so, it is a good time to consider whether to apply for an investment incentive now. If you file an application before the amendment to the Act…
Court versus Arbitration Proceedings: Do You Know How to Tackle Business Disputes Efficiently?
Most probably, all entrepreneurs have experienced some kind of business conflict in conducting their day-to-day business. Even though some industries are more prone to dispute than others, all businesses, from …
What Is the Future of Electronic Sales Records?
During June, the Chamber of Deputies approved in the third reading an amendment to the Act on Sales Records. As such, the voting lasted several days because of more than 800 motions to amend. During July, the a…
The most significant changes in the field of labour migration after the amendment to the Act on the Residence of Foreigners
The amendment to the Act on the Residence of Aliens, which was signed by the President of the Czech Republic on 4th of July and was sent to be published in the Collection of the laws should come into effect in …
FASB Issued Targeted Transition Relief for Entities Adopting ASU 2016-13
In May 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2019-05 which provides transition relief for entities adopting ASU 2016-13 Financial Instruments — Cred…
IFRS EU Endorsement Process – June
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 28 March 2019.