VAT news [October 2022]
What is new in indirect taxes? The expected amendment to the VAT Act is still pending in the Chamber of Deputies. The Coordination Committee of the General Financial Directorate and the Chamber of Tax Advisors …
How to manage foreign exchange gains or losses
The ambiguous treatment of foreign exchange revaluation in Czech legislation is one of the reasons why we encounter in practice a number of errors arising from incorrectly set accounting procedures. Evidence of…
The forthcoming Consumer Credit Directive: What changes will it bring?
In June this year, the Council of the European Union issued a general approach to the proposal of the new Consumer Credit Directive, which is to replace the existing Consumer Credit Directive of 2008. Currently…
What does the amendment to the Act on International Sanctions bring?
In response to the developments related to the conflict in Ukraine, the expected amendment to Act No. 69/2006 Coll., on Carrying Out of International Sanctions, as amended (the “Amendment”), came into effect on…
IFRS EU endorsement process [October 2022]
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 22 September 202…
In brief from international taxation [October 2022]
The OECD publishes progress reports on BEPS, as well as several pieces of guidance aimed at the further improvement of global tax transparency. Luxembourg and Spain introduced temporary VAT reduction. Greece in…
Waiver of levies for breach of budgetary discipline and penalties
In a recent article, we introduced the possibility of reducing sanctions imposed by the Financial Administration of the Czech Republic due to tax arrears or additional tax assessment. This time, we are focusing…
IASB issued an amendment to IFRS 16
On 22 September 2022, the International Accounting Standards Board (IASB) published 'Lease Liability in a Sale and Leaseback (Amendments to IFRS 16)' with amendments that clarify how a seller-lessee subsequentl…
The Application Programme has been extended until January 2023
The Ministry of Industry and Trade has extended the deadline for applications for the Application Programme, which supports industrial research and experimental development of businesses and research organisati…