On 13 June 2013 the decision of the Minister of Finance to waive the payment of the income tax and attributions of the income tax came into effect due to an extraordinary event. This decision was a reaction to the extensive floods that threatened a large part of the Czech Republic from 2 June 2013, because of which the government declared a state of emergency in some areas.
The provisions of the Value Added Tax Act No. 235/2004 Coll.(hereinafter referred to as the “VAT Act”) concerning the liability for VAT that the supplier failed to pay if the payment for the performed taxable supply is paid to the account of a supplier that is not published in the VAT taxpayer register came into effect on 1 April 2013.
Changes in the area of income tax and the real estate transfer tax are part of the tax “stabilisation” package. On 19 December 2012 the Czech Chamber of Deputies outvoted the Senate’s veto. These new tax changes have been also signed by the President of the Czech Republic and come into effect from the beginning of the year 2013.
Tax and other amendments valid from 1 January 2012
As we near the end of the year it has become a tradition to complete and approve amendments to laws that are planned to come into effect from 1 January 2012. In addition to the already-approved increase to the reduced VAT rate and the approved amendments to the Commercial Code and Labour Code, an amendment to the act on sickness insurance is also in the works.
On 1 January 2011 by far the most comprehensive amendment to Act No. 235/2004 Coll., on Value Added Tax (hereafter referred to as the VAT Act) will come into effect. The VAT Act amendment implements recent changes in European tax legislation as well as recent European court decisions.
A number of government bills are currently pending approval, including amendments to the Income Tax Act, the Act on Reserves, the Property Tax Act and acts of the Ministry of Labour and Social Affairs.
New EU coordination rules in the area of social security will be effective as of 1 May 2010. These rules will introduce many changes for a large group of individuals. We would like to notify you of the most important news and potential optimization available in relation to them.
Approval of dividends and the Supreme Court’s new decision
Mazars is issuing a recommendation for the approval of financial statements and the related payment of dividends by joint-stock and other capital companies on the basis of the Supreme Court's new decision from 30 September 2009.