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Notification of Finance Ministry on Standard Classification of Production to allocate services for application of reduced VAT rate as of 1 January 2008

Tax News   20. 11. 2008 Link

The Czech Statistical Office superseded the Standard Classification of Production by Production Classification (CZ – CPA) with effect from 1 January 2008. The Finance Ministry announced that for the purposes of the VAT Act, the Standard Classification of Production valid from 1 January 2003 shall continue to be applied. This classification shall be further binding for allocation of services after 1 January 2009.

Prepared changes to acts

Tax News   1. 10. 2008 Link

The Chamber of Deputies is presently holding a first reading of a draft bill proposed by the government that amends the Income Tax Act, the Act on Reserves and other acts. The amendment should become effective from 1 January 2009, but some of its provisions shall be applied for the taxation period commencing in 2008. Further, we wish to draw your attention to the most interesting provisions of the amendment.

Amendment to the Act on Accounting

Tax News   1. 9. 2008 Link

On 19 August 2008, Act No. 304/2008, Coll. was published in the Collection of Laws, which amends the Act on Accounting. This amendment will become effective from 1 January 2010, and only selected provisions will become effective from already 1 January 2009.

Controversial resolution of the Supreme Court

Tax News   1. 9. 2008 Link

The Supreme Court, in its resolution No. 22/2007, addressed the differences between the loan agreement regulated by the Civil Code and the credit agreement pursuant to the Commercial Code. Pursuant to the Supreme Court, the difference is, inter alia, based on the subject of the agreement.

International tax relations

Tax News   1. 9. 2008 Link

On 30 May 2008, a double-tax treaty preventing tax evasion in the field of income taxes with Ethiopia became valid. The treaty will be implemented in the Czech Republic from 1 January 2009.

VAT round-off

Tax News   1. 9. 2008 Link

In connection with the cancellation of fifty-heller coins, the validity of which was terminated as of 31 August 2008, the Czech Tax Administration published information concerning the rounding off of taxes in respect of VAT.

Amendments to Tax Laws

Tax News   1. 9. 2008 Link

On 4 July 2008, the amendment to the Road Tax Act became effective, which introduces a new system that reduces road tax rates for more environmental friendly cars from 2009.

Judgment Summary

Tax News   1. 8. 2008 Link
In its judgments dated 18 June 2008, the Supreme Administrative Court confirmed that customs offices were not authorized to apply higher customs duties on the grounds of the amended customs rate list...

KSB VAT amendment workshop

Tax News   1. 8. 2008 Link

Since the VAT Act introduces many changes effective 1 January 2009 and preparation well in advance is highly desirable, KSB will hold a workshop specializing on VAT.

Grand amendment to VAT Act

Tax News   1. 8. 2008 Link

On 17 July 2008, the Senate approved a bill to amend the VAT Act. The Amendment, subject to the President’s approval which is expected to be granted, will not take effect before 1 January 2009, but we would like to inform you well in advance of the major changes to be introduced due to the fact some of them will require adjustment of accounting systems and redrafting of commercial agreements. 

Prepared Draft Acts

Tax News   1. 5. 2008 Link

The House of Representatives (Lower House) approved an amendment to the Road Tax Act. The amended provisions should result in reduction of road tax rates for vehicles over 12 tons used as new for businesses that are more environmentally friendly. The lower rate should apply for 36 months following the first registration.

Award by Constitutional Court

Tax News   1. 5. 2008 Link

The Collection of Acts No. 166/2008 includes an award by the Constitutional Court dated 23 April 2008 cancelling the provisions of the Employee Health Insurance Act that award sickness allowance to employees after the fourth day of sickness, effective as of 30 June 2008. The sickness allowance should be newly paid out beginning the first day of the sickness.

Draft Amendment to the VAT Act

Tax News   1. 5. 2008 Link

Pursuant to our information in the previous issue of Tax News, the Government presented a draft VAT Act to the Parliament of the Czech Republic. This long-prepared amendment primarily harmonizes the provisions of the Czech VAT Act with the provisions of Directive 2006/112/EC (the so-called Sixth Directive Recast) and provides suggestions for simplification and improvement of certain other provisions.

Information from the Ministry of Finance

Tax News   1. 5. 2008 Link
The Ministry of Finance of the Czech Republic published information on application of the VAT Act to the construction industry after 1 January 2008 to its web site on 23 April 2008. The document...

Transformation Act

Tax News   1. 5. 2008 Link

Act on transformation of commercial companies and cooperatives (“Transformation Act”) takes effect from 1 July 2008. This new, comprehensive legislation applicable to commercial companies and cooperatives shall replace and supersede current provisions of the Commercial Code.

Legislative Process

Tax News   1. 3. 2008 Link

The Chamber of Deputies of the Parliament of the Czech Republic is currently discussing amendments to the Value Added Tax Act and Income Tax Act.  We will inform you of these amendments in the next issue of Tax News.

Tax on Capital Contributions

Tax News   1. 3. 2008 Link

In February 2008, Directive 2008/7/EC on indirect taxes on capital contributions took force. Effective January 209, this directive cancels the original Council Directive 69/335/EEC on indirect taxes on capital contributions. This tax is applied in certain EU member states, but not in the Czech Republic.

Concise Taxes

Tax News   1. 3. 2008 Link
On 20 February 2008, a decree was announced in the Collection of Laws on the method of calculating claims to refund concise tax paid for certain mineral oils consumed in primary agricultural...

New Directives of the Council on VAT

Tax News   1. 3. 2008 Link

In February 2008, two new directives of the Council on VAT were approved. Council Directive 2008/8/EC fundamentally changes existing rules for determining the place of performance for services, i.e. determining EU member states for application of VAT. Most new rules shall be introduced from January 2010, and the remaining ones shall be introduced gradually up to 2015.

Discount Applied for Determination of Tax Advances

Tax News   1. 3. 2008 Link
Pursuant to authorization by the Income Tax Act, the Czech Ministry of Finance adopted a measure to eliminate hardship. In the event of tax non-residents (foreign employees), this measure regulates...

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