New R&D tax relief rules apply
On Tuesday, 12 March, the Chamber of Deputies approved an amendment to the Income Taxes Act, which also amends rules for applying R&D tax relief. Amendments proposed by the Senate of the Czech Republic were…
GDPR in practice: The General Data Protection Regulation starts achieving its intended goal
For a number of companies and consumers, 25 May 2018 was a revolutionary milestone in terms of personal data importance. Partly given the significant attention paid by the media, consumers and organisations sta…
On Whose Part Does Gratuitous Income Arise When the Lease and Sub-Lease Agreements are Terminated at the Same Time?
In cases in which the property owner enables the lessee to perform technical improvement on the property and to subsequently depreciate the improvement made, while no compensation is provided upon the lease agr…
Can holiday compensation be used as part of the R&D deduction claim?
Holiday compensation and its utilisation as a research and development (“R&D”) deduction has been a widely debated issue in recent years. The General Financial Directorate refused for such compensation to b…
Use of the guide value in determining the real estate acquisition tax base
For the purpose of determining the real estate acquisition tax base, a taxpayer has the possibility to choose either the price determined by an expert valuation or the so-called guide value (“směrná hodnota”) a…
Closing Out 2018 in IFRS Financial Statements
This article provides a high-level overview of the new and revised Standards and Interpretations that are effective for December 2018 calendar year-ends and subsequent accounting periods. Entities are, however,…
FASB publishes Q&A Document on Estimating Credit Loss Reserves
Do you prepare any set of financial information or full set of financial statements based on the US GAAP?
Recognition of bonuses for work and life jubilees in Czech accounting
Low unemployment and demand exceeding supply of certain professions mean that employers compete in introducing wide portfolios of newly structured benefits in the hope of obtaining the necessary reinforcements …
January VAT news
VAT Rates for public transport, general reverse-charge regime directive or surprising rules of the Court of Justice of the European Union. These are January VAT news.