At the beginning of January 2021, the Supreme Administrative Court ruled in favour of the plaintiff (foreign legal entity – the founder of a branch in the Czech Republic) in case 7 Afs 173/2020-27 relating to t…
As the new year arrives, the time for the preparation of financial statements and the income tax return for the past taxation period comes. This year, it is necessary to pay increased attention to the time limi…
The area of excise duties is expected to undergo significant changes in the future. From 1 January 2022, an amendment to the Excise Taxes Act should take effect. From 13 February 2023, a new excise directive wi…
The legal concept of exculpation of a legal entity from criminal liability in criminal proceedings, provided that the legal entity has a functional and correctly set compliance programme, was adopted into the C…
Reports on exchange of financial account information and guidance on the transfer pricing implication of the COVID-19 pandemic were published by the OECD. ECOFIN expressed their support for the implementation o…
Extraordinary economic conditions brought about by the COVID-19 pandemic and consequent responses of governments in individual countries may bring numerous practical difficulties in applying the arm’s length pr…
The version of the model consolidated financial statements under IFRSs as adopted by the EU prepared by the Prague office of Deloitte is available on Deloitte’s website in both Czech and English.
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 14 January 2021.…
It has been several months since landmark ruling of the Supreme Administrative Court ref. no. 1 Afs 445/2019-47 which confirmed the entitlement of VAT payers to a 14% interest on excess deduction plus the Czech…