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Important Legislative Changes as of 1 January 2013

Legal & Tax Update   1. 1. 2013 Link

The new year often brings legislative changes and this year is no exception. The outline below summarizes the most important acts and amendments taking effect at the beginning of 2013, including new or amended provisions in civil procedure, energy law, pension reform, environmental law, tax, health insurance and the expropriation of real property.

Changes to public contracts and arbitration as of 1 April 2012

Legal & Tax Update   21. 3. 2012 Link

On 1 April 2012, everyone working with public contracts in a professional manner will be faced with substantial changes brought on by the new amendment to the Public Contracts Act, which is one of two amendments to come into force on 1 April. Changes are also set to take place in relation to arbitration, especially with regard to so-called consumer-related disputes. The brief summary below provides important information on the key impacts of the two upcoming amendments.

Major legislative changes effective as of 1 January 2012

Legal & Tax Update   30. 12. 2011 Link

Summary of the most substantial legislative changes to take effect in 2012. The changes will have an impact on commercial law, corporate law (including criminal liability of corporations), labour law, tax, real estate, administrative justice, electronic communications, and a number of other areas and industries.

Changes in regulation of timeshare agreements

Legal & Tax Update   13. 5. 2011 Link

On 23 February 2011 the new Act No. 28/2011, Coll., became effective. The act amends the Civil Code No. 40/1964, Coll., and other related regulations. This amendment implements Directive No. 2008/122/EC of the European Parliament and of the Council of 14 January 2009 on the protection of consumers in respect of certain aspects of timeshare, long-term holiday product, resale and exchange contracts into Czech law.

Amendment to the Commercial Code

Legal & Tax Update   2. 6. 2010 Link

The implemented legislative changes apply to unfair competition.

Significant Changes in Public Procurement Law

Legal & Tax Update   2. 6. 2010 Link

This major amendment was approved by the House of Representatives on 18 May 2010 subject to the Senate’s proposals for changes. It has been signed by the President of the Czech Republic and is waiting for publication. The amendment contains a set of changes which should increase the transparency of awarding contracts, simplify the current procedures and impose clearer rules on an overall basis for dealing with public funds.

Changes in Competition Law from 1/9/2009

Legal & Tax Update   1. 9. 2009 Link

The amendment to the Act on the Protection of Economic Competition (published under Act No. 155/2009, Coll.) brings existing Czech regulations in line with EC competition law. The amendment applies to a number of provisions and specifies or replaces their wording with the aim of removing existing differences of application and interpretation. In addition the amendment implements certain new “European” institutes, in particular the simplified proceedings on obtaining approval for concentration of undertakings and sector-related surveys. The proceedings before the Antimonopoly Office shall be regulated in greater detail while the provisions on sanctions have been completely revised.

Simplifying regulation of limited companies in the amendment to the Commercial Code

Legal & Tax Update   1. 9. 2009 Link

The amendment, which was published under Act No. 215/2009 Coll., and took force and effect on 20 July 2009, is primarily harmonizing in character. The majority of changes arise from implementation of the Amendment to the so-called Second Company Law Directive and simplify certain aspects of provisions applicable to limited liability companies. The main changes include the reduction of requirements to valuate asset contributions, requirements for so-called financial assistance and acquisition of own shares.

Change in the Field of State Aid

Legal & Tax Update   28. 6. 2009 Link

On 27 April 2009, an amendment to Act No. 215/2004, Coll., on Regulation of Certain Relationships within the Area of State Aid and certain other regulations was published under No. 109/2009, Coll.  New term “state aid coordination body” has been introduced which, in addition to the existing Antimonopoly Office, is the Ministry of Agriculture, since the powers of the act was extended to cover state aid in the fields of agriculture and fishing.

New conception of Support for Research and Development

Legal & Tax Update   27. 6. 2009 Link

Under Act No. 110/2009, Coll., the area of Support Research and Development from Public Funds has been amended. The new regulation represents a fundamental and conceptual change and constitutes a part of the reform of the system of research, development and innovations approved by the government with the aim to strengthen the effectivity of using state funds in this field. The subject of regulation by the act was extended by innovations. Provision of aid should be generally simplified; the number of providers was limited, so that the aid will not include all resorts. It is also assumed that access to drawing on funds from structural funds and EU framework programs will be easier.

Amendment to State Aid to Cover Interests from Loans for Repairs and Modernization of Houses

Legal & Tax Update   26. 6. 2009 Link

On 27 April  2009, an amendment to Governmental Regulation No. 299/2001, Coll., on Using Funds from the State Fund of Dwelling Development for covering a Part of Interests from Loans Provided by Banks to Legal Entities and Individuals for Repairs, Modernization or Regeneration of Panel Houses,  was adopted. The regulation took effect on 1 May 2009.

New regulation for documenting certain facts entered in Commercial Register

Legal & Tax Update   20. 1. 2009 Link

Following the new regulation concerning mergers and other transformations effective 1 July 2008, an amendment was passed to Decree 250/2005, Coll. on Binding Forms for Filing Applications for Entry into Commercial Register. The major change is a new detailed regulation of mandatory annexes documenting facts entered into the Commercial Register in case of transformations of commercial companies, cooperatives and European cooperatives.

Changes in Cadastral Register

Legal & Tax Update   20. 1. 2009 Link

In the end of the past year, an amendment to the Cadastral Register Act was passed. In addition to legislative and technical adjustments, the amendment also contains significant factual changes. In general, data registered in the Cadastral Register will be more easily accessible, since in view of the advanced digitalization, any Cadastral Office may provide extracts, extracts from cadastral maps and any other data regardless of where the real estate is situated or under what Cadastral Office its cadastral area belongs. Simultaneously, together with the protection of important personal data that is usually contained in the Cadastral Register’s information system (such as information on financial circumstances, in particular information on acquisition of assets, purchase prices, etc.), the provision of certain data will be subject to certain regulation.

Increased performance under insurance of deposits

Legal & Tax Update   20. 1. 2009 Link

The amendment to the Banking Act increases the maximum compensation provided under insurance of deposits to the amount equaling the equivalent of EUR 50,000. The new amendment took effect on 15 December 2008.

New Anti-Money Laundering and Anti-Terrorist Financing Legislation

Legal & Tax Update   6. 11. 2008 Link

The Act on Some Measures against Money Laundering and Terrorist Financing (effective since 1 September 2008) responds to a number of EU legislative requirements, primarily to Directive No. 2005/60 EC on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing (the so-called 3.AML Directive).

Amendment to Act on Greenhouse Gas Emission Allowance Trading

Legal & Tax Update   6. 11. 2008 Link

The amendment (effective since 1 September 2008) responds primarily to the objections raised by the European Commission and abolishes the allowance guarantees for new facility operators or other operators whose facilities changed in terms of use, manner of operation or capacity as a result of major investment.

Penalties on Cash Payment Cap Alleviated

Legal & Tax Update   6. 11. 2008 Link

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.

New regulation on mergers and other transformations of commercial companies and cooperatives

Legal & Tax Update   15. 8. 2008 Link

Act No. 125/2008, Coll., on Transformations of Commercial Companies and Cooperatives, taking  effect 1 July 2008, supersedes the existing regulation of intra-state transformations in the Commercial Code and newly regulates certain transformations with foreign elements, i.e. cross border mergers and transfer of assets to a foreign participant.

Capital markets - transposition of the MiFID Directive

Legal & Tax Update   15. 8. 2008 Link

Act No. 230/2008, Coll., a very important amendment to the Act on the Capital Market Business (“Capital Market Business Act”) was published and transposes Directive 2004/39 on financial tools markets known under the abbreviation MiFID as well as other European regulations into Czech law. The aim of the regulation is to enhance the transparency of financial markets, improve protection of investors and strengthen the competitive environment. The amendment took effect on 1 July 2008. New implementation regulations were issued on the same date.

Welcome changes in operation of small trades

Legal & Tax Update   15. 8. 2008 Link

Since 1 July 2008, on the basis of Act No. 130/2008, Coll., amending the Trade Licensing Act, requirements for commencement of business activities and reduction of the overall administrative burden for tradesmen are significantly simplified.

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