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.
Other articles
KŠB secures landmark Supreme Court ruling on size premiums in squeeze-out valuations
Kocián Šolc Balaštík (KŠB) has obtained a significant victory before the Czech Supreme Court in a dispute over the fairness of the consideration paid to minority shareholders in Léčebné lázně Mariánské Lázně a.s. In its judgment in case no. 27 Cdo 1678/2025, the Court dismissed the claimants’ appeal and upheld the lower courts’ decisions. KŠB lawyers Radka Felgrová and Vlastimil Pihera represented the company and its majority shareholder.
KŠB advises on the sale of a majority stake in Znakon Group to enteria
KŠB provided legal advice on the sale of a 75% stake in Znakon, Znakon Asfalt and Znakon Servis to enteria, a Pardubice-based group and one of the Czech Republic’s largest construction holdings.
KŠB Runs for a Good Cause
On Tuesday, 8 September three teams from KŠB took part in the eighth annual Good Will Run organised by the Olga Havel Foundation in Prague’s Hvězda Park. Proceeds from the entry fees will go towards supporting families facing difficult circumstances due to serious illness, loss of housing or domestic violence.
