Other changes arising from the Act on stabilisation of public budgets

Change to the Act on cash registers

The Act on stabilisation of public budgets incorporates amendments to the Act on cash registers, repealing the obligation to keep records of payments using a cash register. The original intention was that this obligation would come into force on 1 January 2008.

New exemptions from inheritance and gift tax

As from January 2008 exemptions from taxation under the Act on inheritance and gift tax will increase. Acquisition of assets by inheritance and donation will become fully exempt from tax if the assets are acquired after 31 December 2007 by persons in class II (distant relatives). Currently, full exemption is restricted to assets acquired by inheritance and donation by individuals (physical persons) in class I (spouses, parents, children, grandchildren), save for gifts of real property.

New exemptions from land tax

As from the beginning of 2008, a municipality will have power to approve a regulation exempting arable land, hop-gardens, vineyards, orchards and permanent grassed areas from land tax.

Higher turnover threshold for obligation to keep accounts

Pursuant to amendments to the Act on accounting implemented upon adoption of the Act on stabilisation of public budgets, as from 1 January 2008 the existing threshold of 15 million CZK  annual turnover (above which individuals have a duty to keep accounts) has been increased to 25 million CZK.