May Day, love time, but also a very important deadline for an electronic filing of income statements of persons and companies. It applies to persons and companies that are not subject to mandatory audit of financial statements, or their tax returns are not filed by a tax advisor. Even this term, however, may not be […]
Advances provided in foreign currencies – statement of the Supreme Administrative Court
Last year, we informed you about a dispute concerning the duty to revaluate advances for the acquisition of assets paid in foreign currencies. Now, the decision of the Supreme Administrative Court (SAC) is already available, quoting, among other things, the Interpretation of the National Board of Accountants (NBA) I-43 approved in October 2020. The dispute […]
Increase in minimum living and subsistence wages from 1st April 2022
As of the 1st April 2022, the government raised, as an extraordinary measure, the levels for the minimum living and subsistence wages by 10%. According to a government statement, the 10% increase reflects the estimated growth in consumer prices of essential costs for groceries and other basic needs. Czech legislation defines the living minimum wage […]
Tax calendar for April
The first day of April is one of the most important dates. On this day is the last chance of the filing of income tax returns and tax payments for the previous calendar year. If the tax return is not submitted electronically, or by the tax advisor and, in addition, legal entities have no obligation […]
Tax calendar for February
To avoid any threat of penalties calculated based on late submissions, or late payments, we summarized the crucial deadlines for February 2022 that should be taken into consideration with respect to your business in the Czech Republic: 09.02. – Excise duty due date, excluding excise duty on alcohol for December 2021, 14.02. – Submission of […]
The administrative fee waiver related to the official requests
The Ministry of Finance issued Financial Bulletin No. 35/2021, in which it waives the administrative fee for some requests. These are, for example, a request for remission of a fine for late submission of the tax return, a request for remission of interest on late payments or a request for remission of a fine for […]
Tax calendar for December
To avoid any threat of penalties calculated based on late submissions, or late payments, we summarized the crucial deadlines for December that should be taken into consideration with respect to your business in the Czech Republic: Important dates in December are: 10.12. – Excise duty due date, excluding excise duty on alcohol for October 2021 […]
The waiver of VAT on the supply of electricity and gas from 1 November to 31 December 2021
In connection with the several-fold increase in gas and electricity prices in recent months, the Minister of Finance issued a decision on the waiver of VAT on the supply of electricity and gas from 1 November 2021 to 31 December 2021. VAT is waived in cases of the supply, acquisition from another Member State, and […]
Change in CNB interest rates
The Czech National Bank released another decision to change the interest rates effective from 5 November 2021 as follows: the Lombard rate was increased by 1.25 % to 3.75 %, the Discount rate was increased by 1.25 % to 1.75 %, the two-week repo rate was increased by 1.25 % % to 2.75 %. The two-week […]
Change of the VAT return form
By decree 358/2021 Coll. a new VAT return form was published, model no. 23. The structure of the new form remained unchanged and only the descriptions of lines 24, 26, and 45 differ. The new form follows an extensive amendment of distance sale of goods and the issue of import of goods (e.g. abolition of […]