Briefly on the new Accounting Act
On 1 November 2024, the Ministry of Finance of the Czech Republic published the 4th version of the proposal of the new Accounting Act on its website. In addition to the previously announced changes, it also con…
What are the potential accounting implications of the September floods?
A number of companies, especially in northern Moravia and Silesia, were affected by the severe floods that swept through the Czech Republic last September. We have prepared a summary outlining the potential eff…
IFRS EU endorsement process [November 2024]
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 15 November 2024…
The CZK 40 million limit for the exemption of income from the sale of shares and securities will apply from 1 January 2025
Until 31 December 2024, the income of natural persons from the sale of securities and shares in business corporations is fully exempt from the personal income tax if the “time test” is met, i.e. 3 years for sec…
Amendments to IAS 21 endorsed for use in the EU
On 15 November 2024, the amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates titled Lack of Exchangeability were endorsed by the European Commission for use in the European Union. The EU effec…
ESMA has announced enforcement priorities for 2024 financial statements
On 24 October 2024, the European Securities and Markets Authority (ESMA) announced the priority issues that the assessment of listed companies' 2024 financial and sustainability statements will focus on.
VAT news [November 2024]
The amendment to the VAT Act has advanced from the Chamber of Deputies to the Senate. A coordination committee of the General Financial Directorate (GFD) and the Chamber of Tax Advisers of the Czech Republic (K…
Get support to build affordable rental housing
The State Investment Support Fund has started accepting applications for financial support under the Affordable Rental Housing grant and loan programme. This programme allows to obtain funds of up to CZK 250 mi…
End of duty stamps in the Czech Republic
Starting from 1 January 2025, the Czech Republic will undergo a significant change that will affect the way citizens and legal entities pay fees at various authorities. After more than 100 years, duty stamps, w…