VAT news [May 2024]
The European Commission postponed VAT changes that were to become valid in 2025 for several years. The Court of Justice of the European Union clarified rules for the determination of tax base for internally dev…
E-invoicing postponed to 2030: Why you should not wait
On 14 May 2024, an amendment to the VAT Directive was discussed at the European Union level (ECOFIN). This amendment contains three main pillars aimed at modernising and simplifying the tax system in the EU. Th…
Amendments to IAS 7 and IFRS 7 endorsed for use in the EU
On 15 May 2024, the amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures titled Supplier Finance Arrangements were endorsed by the European Commission for use in the Europea…
IASB issued new standard IFRS 19
On 9 May 2024, the International Accounting Standards Board (IASB) published its new standard IFRS 19 Subsidiaries without Public Accountability: Disclosures. The new standard will be effective for annual perio…
In brief from international taxation [May 2024]
The EU Council has agreed on a proposal for the FASTER Directive to streamline the procedures for withholding tax relief in EU countries. The OECD published a consolidated commentary on the Second Pillar rules.…
Amendment introducing changes in the payment of insurance premiums from ESOP income and the DPP regime
On April 30, 2024, the Chamber of Deputies referred Parliamentary Document No. 570 to the Senate. The Document contains, among other things, expected amendments to the laws governing the payment of insurance pr…
Changes in the field of windfall tax: Are you sure you are not obliged to pay it?
On 3 May 2024, the General Financial Directorate (GFD) published on its website an update of the Czech Statistical Office’s opinions on the classification of some activities according to the CZ-NACE classificat…
IASB issued new standard IFRS 18
On 9 April 2024, the International Accounting Standards Board (IASB) published its new standard IFRS 18 Presentation and Disclosures in Financial Statements that will replace IAS 1 Presentation of Financial Sta…
New Interpretation of the National Accounting Board I-49
The following article briefly summarises the main points of the new interpretation of the National Accounting Board I-49 “Recognition and Measurement of Liquid Valuables”.