6.11.2008
News

Penalties on Cash Payment Cap Alleviated

It has been over four years since the 15,000 Euro cap for cash transactions was introduced. The Act on Restriction of Cash Payments was amended in August to modify the penalties, including fines for breach of the cap.

The bottom penalty limit of ten thousand Czech crowns has been cancelled. This is good news since the fine of ten thousand Czech crowns had to be imposed on even minor violations of the Act. The top limit for penalization has been reduced from five million to half a million Czech crowns, but this applies only to individuals. While legal entities are still subject to the top limit of five million Czech crowns, a release from liability has been introduced for them. Legal entities that wish to be released must give sufficient evidence that they have exerted all reasonably expected efforts to avoid the breach of the statutory duty. Liability may also expire if the authority in charge fails to initiate proceedings on a committed delinquency within 1 year after having learned thereof.

Other articles

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.
12.10.2025
Financial services

KŠB assisted the J&T Group with the approval of a base prospectus for a CZK 3 billion bond programme

The KŠB team (Martin Krejčí, Vlastimil Pihera, Josef Kříž) provided legal advice to the J&T Group in connection with the approval of the base prospectus for its bond programme. This marks a continuation of KŠB’s long-term advisory role in the group’s financing activities.
9.10.2025
Financial services

KŠB assisted in financing the iconic Alchymist Grand Hotel and Spa

KŠB has been providing long-term legal advice to J&T Bank in connection with debt financing for Czech entrepreneurs. One of the most recent transactions involved granting a loan to the Alchymist Grand Hotel and Spa, one of Prague’s most renowned boutique hotels, owned by Giorgio Bonelli, a prominent figure in the Italian business community in the Czech Republic.