24.7.2008
News

Other changes arising from the Act on stabilisation of public budgets

As set out in earlier issues of Tax News, the Act on stabilisation of public budgets has amended many provisions of law hitherto in force. Some of these changes are detailed below.

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.

Other articles

20.10.2025
News

KŠB assisted with the financing of the MOSAIQ Beroun project

KŠB provided legal advice to Avisum Beroun, a member of the Go4Home Group, in connection with the financing of the construction of the residential project MOSAIQ Beroun, secured by Trinity Bank.
16.10.2025
News

KŠB becomes the first major independent law firm on the Czech market to implement the Legora AI platform into its practice, symbolically connecting Czech law with global AI innovation

KŠB continues its tradition of being a pioneer of innovation in the field of legal services. As the first major independent law firm on the Czech market, KŠB has started to utilize Legora, an efficient AI assistant developed specifically for legal professionals, a step which will further strengthen our long-term vision – to combine first class legal expertise with modern technologies, thereby allowing us to deliver top-quality legal services to clients even more efficiently.
13.10.2025
News

Contract Competition 2025

KŠB ve spolupráci s největší nezávislou asociací studentů práv na světě ELSA vyhlašuje již 14. ročník soutěže CONTRACT COMPETITION. Soutěž studentům práv nabízí jedinečný pohled do světa transakčního práva pod vedením advokátů přední české advokátní kanceláře.