Petr Neškrábal, Managing Director for Accace in the Czech Republic, discusses VAT, withholding & income taxes in his jurisdiction.
The deadline for submitting applications for registration of a VAT group is nearing. Should the group be a VAT payer from January 1st, 2019, the application must be submitted by October 31st, 2018. Read more in our article.
Due to the difficulties faced by the companies in implementing the electronic cash registers triggered by both the producers/distributors of electronic cash registers and tax authorities, by delaying the publishing of technical procedures, the application of penalties for the companies that do not use electronic cash registers was postponed.
The companies have a statutory obligation to submit for approval their financial statements of the previous accounting period. Then the approved financial statements shall be submitted to the Collection of Deeds. What is the threat of a fine for non-compliance?
2018 brought five main changes to employee taxation in the Czech Republic: Increase of the minimum wage, tax exemption of employee benefits expanded, new deductible item for bone marrow donation, increase of the tax credit per the first dependent child from 2018 and new paternity leave regulation.
On 31 January 2018, Ministry of Finance of the Czech Republic published a long-awaited list of countries involved in CbCR. Until that date, it was certain that all EU member countries (as the CbCR obligation was also transposed to EU countries national legislatives though Directive No. 2016/881/EU) and USA (with which the Czech Republic conducted a bilateral Agreement on exchange of Country-by-Country Reports) were involved in the CbCR. However, information on which other countries are involved in CbCR was not published by this date.