We summarised for you the recent statement from the General Financial Directorate on the application of VAT for lease back, the incorrect qualification of which can have serious consequences for both the leasing company and the lessor.
And an equally interesting article we recap the recently amended answers of the Financial Administration on the questions of reporting cross-border arrangements pursuant to the DAC 6 Directive.
And in this issue, we will also introduce you to the main amendments that ensue from the expansive amendment to the Excise Tax Act and we also mention the new amendment from 1 July that changes the amount of the income of employees that will be provided with a vehicle for business and private purposes by their employer.
I trust that our articles will be helpful and thought-provoking and I wish you a pleasant read.
The Ministry of Finance has submitted to the Chamber of Deputies an amendment to the VAT Act and the Income Tax Act and other related acts. In this Article, we will look at the amendments to the Income Tax Act.
The deadline for assessment of the income tax is the period during which the tax authority can start a tax inspection and also the period during which the tax payer is obliged or entitled to submit additional tax returns. In connection with the recently submitted income tax returns and the possibility of claiming an assessed tax loss retrospectively, we would like to mention the effect of this on...
At the end of June 2022, the Czech Financial Administration published on its website the expected supplement to questions on the reporting of cross-border arrangements pursuant to Directive DAC 6, which is implemented by the Czech Republic in Act No. 164/2013 Coll., on International Cooperation in Tax Administration (hereinafter referred to as the “Act”). Below you will find a summary of the responses...
The General Financial Directorate (hereinafter as the “GFD”) recently expressed its views on the application of VAT on lease back during Coordination Committee No. 592/23.03.22 (hereinafter as the “Committee”), which definitively changed many years of deep-rooted practice when financial lease back was considered to be two separate, mutually-provided transactions.
Amendment to the Income Tax Act. From 1 July 2022, an amendment to the Income Tax Act came into effect. It changes the regulation of the amount of income of an employee who was provided a company car for business and personal purposes.
An important amendment to the Excise Tax Act was adopted far in advance by Act No. 179/2022 Coll., a substantial part of which comes into effect from 13 February 2023. Some of the provisions will already be effective from 1 November 2022 and the change concerning the beer tax warehouse already came into effect on 28 June 2022.
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