VAT news [January 2025]
The General Financial Directorate has issued information on the amendment to the VAT Act, which came into effect on 1 January 2025, as well as information on the application of VAT for fuel payments made throug…
Illustrative financial statements under IFRS Accounting Standards as adopted by the EU for the year ended 31 December 2024
The version of the illustrative consolidated financial statements under IFRS Accounting Standards as adopted by the EU prepared by the Prague office of Deloitte is available on Deloitte’s website in both Czech …
Long-awaited subsidy call for supporting development activities announced
On Friday, 29 November 2024, the DEEP TECH Application subsidy call, aimed at supporting development activities in selected areas, was announced. The support level for some applicants and projects may reach up …
The SAC refers preliminary questions regarding the exemption of royalties from withholding tax to CJEU
The subject matter of the dispute is the rejection of an application for exemption from withholding tax on royalty payments in line with Section 38nb of the Income Taxes Act (“ITA”) retroactively. This provisio…
IFRS EU endorsement process [January 2025]
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 16 January 2025.…
IASB issued amendments to IFRS 9 and IFRS 7 regarding power purchase agreements
On 18 December 2024, the International Accounting Standards Board (IASB) issued 'Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7)'. The amendments are effective for annual re…
Closing out 2024 in financial statements under IFRS Accounting Standards
This article provides a high-level overview of the new and revised IFRS® Accounting Standards effective for the December 2024 calendar year-end and subsequent accounting periods.
New opportunities for Ukrainians in Czechia: Transition from temporary protection status to special long-term residence
Ukrainians residing in the Czech Republic under temporary protection now have a great opportunity to secure a more permanent solution for their stay. Once the president signs the final version of the Lex Ukrain…
The impact of Unified Monthly Employer Reporting
At the end of last year, the Ministry of Labour and the Ministry of Finance unveiled a new digitalisation project called the “Unified Monthly Employer Reporting”. This project marks the first phase of the Integ…