IFRS EU Endorsement Process
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 24 April 2018. A…
International taxes in brief – June
Are you wondering what's new about international taxation? Read about the news in Luxembourg and the Netherlands.
Making Insurance Contributions on Behalf of “Outsourced” Employees. It is not necessary to have a legal relationship to make insur…
The Regional Court in Hradec Králové has addressed the issue of making social security and health insurance contributions from performances provided to employees of a different company. As the Income Taxes Act …
Consignment inventory
Do you have inventory that may be considered as a consignment inventory? How would you treat it in your US GAAP reporting?
Introduction of Additional Tariffs on US Goods
In March 2018, the US introduced, for an unlimited period of time, additional tariffs on the import of certain aluminium (10%) and steel (25%) products in order to protect domestic goods. The exception to goods…
The Water Act Amendment has been Promulgated
On Tuesday, 5 June 2018, the President of the Czech Republic signed an amendment to the Water Act. Amendment No. 113/2018 was promulgated on 11 June, comprehensively changing the existing fee administration sys…
Digital Currency Accounting and Presentation
Regardless of the purpose for which digital currencies are used, it is necessary to maintain the appropriate records on those currencies. The Ministry of Finance has issued a long-awaited opinion on digital cur…
Tax administrations in Central Europe tighten their procedures
Tax authorities across Central Europe have significantly tightened their procedures both in relation to the number of audits performed and the manner in which the audits are performed. The primary areas that ta…
Intercompany Services as a Tax Deductible Expense
Management services or marketing support are the most common types of intercompany services. However, although it is economically justified, the provision of these services presents certain tax challenges that …