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.
The amendment to the VAT Act, which will bring, among other things, a set of new obligations for financial institutions making cross-border payments, has been delivered to the Chamber of Deputies. Since January, a government decree has been applied, which establishes the obligation to provide energy price subsidies to energy producers or distributors. The CJEU issued a judgment in a case concerning the taxation of prizes in competitions. See the article for details.
At the beginning of February, an amendment to the VAT Act was delivered to the Chamber of Deputies for discussion, which should be effective from 2024. The current text of the amendment contains only one area related to the application of VAT, namely the procedures for determining the tax point at auctions. The essential part of the amendment consists of a set of new obligations concerning financial institutions making cross-border payments. In certain circumstances, the institutions concerned will have to report these payments (completely irrespective of whether they are subject to VAT).
Already for January 2023, Government Regulation No. 5/2023 Coll. is applied, stipulating the obligation to provide energy price subsidies to energy producers or distributors. The regulation could have a relatively broad impact, as it affects the tax base on energy supplies and thus indirectly affects their customers.
Judgements of the CJEU
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