In relation to that we have summarized the most significant changes in tax and related areas for you in this edition. The consolidation package, most of whose provisions will come into effect from 1 January 2024, is the focus of the first four articles of this edition.
Recently, the Czech Supreme Administrative Court issued two interesting decisions, the content of which we have summarized for you in our newsletter. The first judgment on the correct application of the time limit for filing a supplementary tax return for a lower tax has finally dispelled the uncertainty that had been prevailing in this area. The second decision confirmed the possibility to claim a higher tax credit for investment incentives via a supplementary tax return.
We believe that our articles will be stimulating and beneficial for you. On behalf of the entire Mazars tax team we wish you a pleasant and relaxed Advent season, a beautiful celebration of the Christmas holidays, and much success in the year of 2024.
The proposal of a law amending certain laws in connection with the consolidation of public budgets (the so-called consolidation package) was approved by the Senate on 8 November 2023, and signed by the President on 22 November 2023. We bring you a summary of the proposed changes related to personal and corporate income tax. The changes will generally be effective from 1 January 2024.
The amendment to the law, referred to as the consolidation package (print no. 488), was approved by the Parliament of the Czech Republic in November 2023 and subsequently also signed by the president. It is now certain that there will be several changes in VAT with effect from 1 January 2024. Below is an overview of the most important ones.
The Bill amending certain laws in relation to the consolidation of public budgets (the so-called consolidation package) was approved by the Senate on 8 November 2023 and signed by the President on 22 November 2023. This consolidation package includes an amendment to the Accounting Act, which allows accounting entities to set an accounting currency different from the Czech koruna, the so-called functional...
As of January 2024, the excise duty refund on mineral oils consumed in mineralogical and metallurgical processes will be completely abolished. At the same time, the exemption of gas, electricity and solid fuels from energy tax due their usage in these processes will be abolished. All changes are part of the so-called consolidation package. In some cases, the tax advantage will be maintained, at least...
Recently, the so-called extended panel of judges of the SAC ruled on the correct application of the deadline for filing a supplementary tax return for a lower tax. This new decision finally brought clarity to the uncertainty that accompanied the filing of supplementary tax returns for a lower tax in many cases.
In a ruling from November of this year, the Supreme Administrative Court (SAC) confirmed that recipients of investment incentives can claim a higher tax credit when filing supplementary tax return, in which the tax base is increased. This approves the opinion of a part of the professional community, which has been questioned by tax authorities in some cases in recent years.
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