The Recovery Package in the context of tax changes
Following the Government announcement on the Recovery Package, the related amendment to the tax regulations was published. Below we summarise a selection of the most important changes in this area.
Non-compliance with electronic filing of tax returns exceptionally without penalties
The tax authorities will not impose penalties for non-compliance with the electronic method of filing tax returns. The reason is the extension of the range of persons for whom a data box has been established as…
Carbon tax approved: new obligations for importers
The EU’s Carbon Border Adjustment Mechanism (CBAM) is a landmark tool to put a fair price on the carbon emitted during the production of carbon intensive goods entering the EU, and to encourage cleaner industri…
IFRS EU endorsement process [May 2023]
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 5 April 2023.
Legal News [May 2023]: Dismissal of an official for failure to comply with a statutory deadline
The Supreme Court has allowed that an official can be dismissed based on notice if they do not issue an administrative decision without undue delay, as the law requires them to do. Details of this judgment, alo…
Global minimum tax: draft Czech legislation under comment procedure
A new draft act on the top-up tax for the purpose of ensuring a minimum level of taxation for large-scale multinational and large-scale domestic groups (i.e. groups with consolidated annual revenues exceeding t…
The Ministry of Industry and Trade announced a subsidy call for high-end IT equipment for enterprises
On 19 April 2023, the Ministry of Industry and Trade announced the long-awaited Call I. Virtual Enterprise under the Operational Programme Technology and Applications for Competitiveness. This is a subsidy supp…
VAT news [May 2023]
As part of its Recovery Package, the government has introduced new VAT rules that bring changes to amounts of rates and new classification for some items. The effect of the amendment to the VAT Act on real esta…
Jarošov brewery opposed tax assessment of CZK 1 million – changed rules for others too
In April, the Supreme Administrative Court ended a tax dispute, which had been going on since 2020, when the customs a assessed additional excise tax to the Jarošov brewery in the amount totalling almost CZK 1 …