On 12 September 2013 the Senate of the Parliament of the Czech Republic rejected the proposal of the legislative changes related to re-codification of the private law and changes of other legislation. This proposal responded to changes in private material law.
Rejected was also the Act on acquisition of intangibles. This act was together with other changes in the tax legislation intended to replace the Act No. 357/1992 Coll., on inheritance tax, gift tax and real estate transfer tax.
From the above it applies that the effectiveness of the tax legislation connected to the new Civil Code which was originally planned from 1 January 2014 is endangered. It is expected that the government in resignation will formulate in this relation legal measures, which must be approved by the Senate and signed by the President of the Czech Republic. For effective implementation of the changes into the legislation of the Czech Republic the legal measure must be approved at the first meeting of the new House of Representatives.
We will continuously inform you about development in this process.
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