Tax Newsletter - Archive
Forvis Mazars Tax View - archive of tax articles
Waiver of a fine for the non-notification of exempted income
Taxpayers - natural persons are obliged, in accordance with the provisions of the Income Tax Act (hereinafter referred to as the “ITA”), to notify the tax administrator of the receipt of income exempt from this tax if the individual income exceeds CZK 5,000,000. Only income that the tax administrators can obtain from registers or records available to them (e.g., exempt income from the sale of a family house) does not need to be reported.
DAC 7 – digital platforms and sellers
In mid-November the president signed the amendment to Act No. 164/2013 Coll., on International Cooperation in Tax Administration, implementing the Council Directive (EU) on administrative cooperation in the field of taxation, i.e., the DAC 7 Directive, which introduces a new scope of the automatic exchange of information, effective from 1.1.2023.
Stricter conditions for demonstrating the right to a deduction?
In one of our previous articles, we informed you about tax and court proceedings concerning the additional assessment of VAT in the event that it is not possible to identify the actual supplier and customer by means of evidence, which is, contrary to general understanding, quite common in practice. If it is not possible to identify the actual supplier and the customer, it is not possible to demonstrate the fulfilment of the substantive conditions, for example, for
Changes to the Value Added Tax Act
The amendment to the Value Added Tax Act (hereinafter referred to as the “Amendment”) will come into effect on 1 January 2023. Below you can find summary of the main changes.
Windfall tax
It enters into force on January 1, 2023 the amendment to the Income Tax Act to introduce a new type of corporate income tax for the calendar years 2023 to 2025, namely a tax on unexpected earnings (commonly referred to as an extraordinary tax, war tax or windfall tax). The administrator of this separate corporate income tax should be the Specialised Tax Office, but in the case of the energy sector, proposals are also made for the administration of the tax to be entrusted to the Energy Regulatory Office.
CEE Tax & Payroll Newsletter 3/2022
Get a better overview of the most important changes in tax, labour, and payroll legislation in the CEE region.
Changes in excise duties from February 2023
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.
Taxation of low-emission vehicles provided to employees for business and private purposes
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.
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.
Financial lease back from the VAT perspective in the light of case law
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.
DAC 6 – practical examples for reporting of cross-border arrangements
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 to selected questions.