Tax Return


Deadline for filing the income tax return: what to be aware of?

As we have already informed you, the rules modifying the deadlines for filing the income tax return changed on 1 January 2021 following the amendment to the Tax Code. These rules already relate to the taxation period of the calendar year 2020 and reporting period ended 31 December 2020 or later. Meanwhile, the Financial Administration issued the Methodical guideline for the application of the tax return filing deadline. In this article, we are presenting some interesting insights from the current practice and methodology of the financial administration that may have a practical impact on meeting the deadline by taxpayers. 

27. 5. 2021

Remission of penalties, interest and now also fines for the late filing of a tax return

The additional tax assessment by the tax administrator gives rise to the obligation to pay interest on arrears; in addition, this often entails penalties, which may, in total, exceed the amount of the additional assessment. The institute of individual remission of tax penalties represents the way to mitigate the penalty consequences of the additional tax assessment. Moreover, on 1 January 2021, the possibility of remitting the fine for a late tax return was enshrined in the Tax Code. 

27. 4. 2021

Loss carryback – six questions and answers for its application

The preparation of tax returns for 2020 is culminating, and we can observe what a wide range of entities has been affected by the coronavirus crisis, which has caused so far profitable companies to be in the red numbers. That is why the loss carryback as a new tool of the Income Taxes Act is currently a widely discussed topic. We have prepared the most frequent questions and answers for you to help you navigate through this issue. 

19. 4. 2021

What is the deadline for filing the income tax return for 2020?

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 limit for filing the tax return as the amendment to the Tax Code, which took effect on 1 January 2021, significantly rephrased the existing rules. According to the transitional provisions and the information of the Financial Administration of the Czech Republic, the new rules apply already to the 2020 taxation period. 

10. 2. 2021