Recent ECJ Decisions
On 15 March 2007 the European Court of Justice (ECJ) gave judgement in Reemtsma (case C?35/05), a claim for repayment of tax in another Member State under the Eighth Directive (or Section 82 VATA). The ECJ Decision formulated general principles applicable to repayment of tax and hence knowledge of these principles is important both for any Czech tax payer requesting repayment of tax in another Member State, as well for persons liable for tax in another Member State who seek a tax refund in the Czech Republic. The obligations of the tax authority are limited to refunding tax deducted by a supplier under VATA. Refund of tax applied to supplies by mistake, in error or in ignorance by the supplier is inadmissible. Only the supplier is eligible to apply for a tax refund. In exceptional circumstances, if it would be unreasonably difficult or impossible to refund tax to the supplier, Member States nevertheless have a duty to create instruments to allow them to repay tax directly to the recipient of the supply.
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KŠB Assisted with the Refinancing of the BigBoard Group, a leading player in the premium outdoor advertising market
Our team provided legal advice to BigBoard Praha, a leading player in the premium outdoor advertising market in the Czech Republic, in connection with its refinancing. Founded in 1993, the BigBoard Group is the largest provider of premium outdoor advertising in the Czech Republic, with an approximately 70% market share and annual turnover of around CZK 2 billion. Its advertising media cover key locations across the country, including the Prague metro and major transport hubs.
KŠB Assisted Sandberg Capital with a Majority Investment in HotelTime Solutions
The KŠB team provided legal advice to the investment group Sandberg Capital on the completion of a majority investment in HotelTime Solutions, one of the leading providers of cloud-based software for hotel operations management.
KŠB assisted Seyfor with the extension of its financing provided by Raiffeisenbank, Tatra banka and, newly, Slovenská sporiteľňa.
The KŠB team provided legal advice to its long-standing client Seyfor in connection with the continuation and expansion of its syndicated financing. The existing lending banks, Raiffeisenbank Czech Republic and Tatra banka, decided to continue supporting Seyfor’s growth, with Slovenská sporiteľňa joining the financing as a new lender.
