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Approved and effective acts

Income Tax Act and Act on Home-Building Savings System; Act on Accounting; Act on Renewable Sources

Income Tax Act and Act on Home-Building Savings System

In Release No. 127/2010, Coll., distributed on 8 December 2010, an amendment to the Income Tax Act under No. 346/2010, Coll., and an amendment to Home-Building Savings System Act under No. 347/2010, Coll. were published. The two amendments became effective on 1 January 2011.

Act on Accounting

The amendment to the Act on Accounting, of which we informed you in Tax News No. 5 from September 2010 (Parliamentary Press No. 17/0), was approved by the Senate and signed by president on 16 December 2010. The act became effective as of 1 January 2011.

Act on Renewable Sources

On 15 December 2010, the president signed (with comments) the amendment to Act No. 180/2005, Coll., on Support to Electricity Production from Renewable Sources. The amendment introduced time-limited taxes on solar electricity (hereinafter the “Tax”). The Tax applies to electricity produced in the period from 1 January 2011 to 31 December 2013, if it is produced in a facility put into operation in the period from 1 January 2009 to 31 December 2010.

The Tax rate is 26% of the purchase price of electricity and 28% of what is termed the green bonus. The administration of the Tax is performed pursuant to the Tax Rules. The producer of solar electricity is a Tax payer but the Tax is paid through the operator of a transmission system or operator of a regional distribution system. The Tax constitutes a tax-deductible expense for the producer pursuant to Section 24, subsection 2, letter p) of the Income Tax Act.

Solar electricity produced in an electricity production plant with installed output of up to 30kW, placed at a roof construction or peripheral wall of a building connected with the ground by a solid base and registered in the Cadastral Register, is exempt from the Tax.

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