Each year, more and more people are interested in the rules and regulations affecting company cars and whereas last year’s tax packages affected this field and from the 1st of January they also came into force, we felt that we should present a comprehensive synopsis about this topic. In our current article, besides the current changes, we are going to cover every important detail about company cars, to answer every question that might arise.
In our previous newsletter, we reviewed the most important tax amendments of the Act CXXV of 2016 on the amendments of certain tax laws and other related laws. Besides the tax regulations, the referred act also modifies the rules of accounting in several points from the year of 2017, therefore we considered necessary to discuss the details of it and devote a separate newsletter for this topic from the aspect of accountancy. The modifications shall be applied from the financial year of 2017, but substantial part of them can be applied for the financial year of 2016 too.
In December 2016 we informed you in our News Flash about the expected implementation of the rules of the European Union for so-called “country-by-country reporting” (CbCR) for multinational groups with total consolidated group revenue reaching 750 million EUR or more. These rules were approved by the National Council of the Slovak Republic on 1 February 2017 within the Amendment to the Act on international assistance and cooperation in tax administration and will be effective as of 1 March 2017. The publication of these rules in the Collection of Laws of the Slovak Republic is expected in the following days. The rules are based on the OECD Model Legislation for CbCR, which is a part of the updated OECD Transfer Pricing Guidelines since 2015.
Download our 2017 Guidelines for details about the statutory framework and local entrepreneurial environment in the Czech Republic, Hungary, Poland, Romania, Slovakia and Ukraine! We have prepared for each country: