New Bills26/04/12 / cata_tax-news

Amendment to the VAT Act

An amendment to the VAT Act is currently being prepared and scheduled to become effective as of 1 January 2013. The amendment aims to implement EU Directives---it intends to modify invoicing and tax record keeping, the application of VAT on real estate, the definition of a VAT establishment, as well as other issues, including reducing the limit for VAT registration to CZK 750,000. The external consultation process has been completed and the amendment will now be sent to the Chamber of Deputies for consideration.

Bill on investment companies and investment funds

The MoF submitted for external consultation a bill on investment companies and investment funds, which is to supersede the existing Collective Investment Act. The MoF also published a draft Governmental Decree that is planned to be the implementation regulation for the bill.

The new bill responds to the development of EU regulations on the management and administration of investment funds. Comments on the bill, which is now available on the MoF website, can be submitted by businesses and professionals until 11 May 2012.