VAT news [November 2022]
The amendment to the VAT Act is currently pending approval in the Senate. The EU Commission requires the Member States to regulate the application of VAT on payments by fuel cards. The Court of Justice of the E…
EU Commission: Call for public consultation on BEFIT
On 13 October 2022, the EU Commission launched a public consultation on the Business in Europe: Framework for Income Taxation (BEFIT) in accordance with which the Commission aims to propose a directive by the t…
IASB issued amendments to IAS 1 regarding the classification of debt with covenants
On 31 October, the International Accounting Standards Board (IASB) published 'Non-current Liabilities with Covenants (Amendments to IAS 1)' to clarify how the conditions with which an entity must comply within …
Position of a statutory executive and performance of activities in connection with visa-free travel
In our practice, we often come across the question under what conditions a statutory executive, who is a third country national, can enter the territory of the Czech Republic and perform his/her function. The f…
Recent developments in the field of international double taxation treaties
As the year draws to a close, we bring you an update on double taxation treaties. From 1 January 2023, the provisions of the new treaties with San Marino, Qatar, and Senegal will be implemented.
EU blacklist updated
On 4 October 2022, the EU Council decided within a regular ECOFIN meeting to add Anguilla, The Bahamas and the Turks and Caicos Islands to the EU list of non-cooperative jurisdictions for tax purposes. With the…
Legal News [October 2022]: Constitutional Court assessed whether a contract was for pecuniary interest
The judgment I. ÚS 2337/21 of the Constitutional Court dealt with the interpretation of a loan agreement and the nature of the contractual penalty arrangement in connection with the question of whether it const…
The amendment to the Income Tax Act will bring changes to corporate taxation
The forthcoming amendment to the Income Tax Act and the VAT Act and other related acts brings several changes that should come into force from 1 January 2023. We have prepared an overview of the novelties that …
Windfall tax enters approval process
A new windfall tax has been published in the Chamber of Deputies Print No. 254 in the form of the Czech Minister of Finance’s amendment to the 2023 tax package, which is expected to take effect on 1 January 202…