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International Tax Relations

Tax News   1. 3. 2008 Link

For the taxation period commencing 1 January 2008,  a newly concluded double-tax treaty between the Czech Republic and the Hashemite Kingdom of Jordan, which also prevents tax evasion in the area of income taxes, became effective.

Real Estate Tax

Tax News   1. 3. 2008 Link
Upon expiration of the 2007 taxation period, exemption from the tax for constructions terminated for residential houses returned to individuals in restitution, residential houses owned by individuals...

Income Tax

Tax News   1. 3. 2008 Link

The Ministry of Finance of the Czech Republic published Guideline No. D – 317 on average prices of fuel for calculating the amount of compensation for expenses in consumed fuel to determine income tax bases for the 2007 taxation period. Taxpayers can use these prices to determine tax expenses for consumed fuel, unless they apply expenses in documented amounts.

2008 Foreign Currency Food Allowance Base Rate

Tax News   1. 10. 2007 Link

The Ministry of Finance issued Decree No. 338/2007 – on calculation of base rates of food allowances in foreign currency for 2008. Decree No. 549/2007 Coll., on base rates of food allowances in foreign currency for 2007 shall terminate on the new Decree’s effective date, i.e. 1 January 2008.  

Deadlines in Tax Proceedings

Tax News   1. 10. 2007 Link

In connection with the tax entity’s authorization to draw attention to the tax administrator’s inactivity on the grounds of processing filings by tax entities by reasonable deadlines, the Ministry of Finance issued Instruction No. D-308 imposing deadlines on tax administrators for processing filings by tax entities and other parties involved in tax proceedings.

Beginning January 2008, VAT Payers May Apply for Group Registration

Tax News   1. 10. 2007 Link

The effectiveness of the Act on Stabilization of Public Budgets will provide VAT payers with the alternative of group VAT registration. The group registration makes it possible for affiliated parties (companies) to act as a single VAT payer with a single registration number for VAT purposes. This means that an entire corporate group will only file a single VAT tax return. Supplies delivered between individual group members are not deemed to constitute taxable supplies. The first groups of VAT payers shall be registered effective 1 January 2009, provided that they apply by 31 October 2008 at the latest.

Double Taxation Treaty between the Czech Republic and Bosnia and Herzegovina

Tax News   1. 10. 2007 Link

The Ministers of Finance of the Czech Republic and Bosnia and Herzegovina signed a Double Taxation Treaty between both countries on 20 November 2007. The Treaty shall result in termination of the provisions of the Double Taxation Treaty between the Czechoslovak Socialistic Republic and the Socialistic Federative Republic of Yugoslavia (applicable to Income and property taxes) signed in Prague on 2 November 1981. The termination shall take effect on the effective date of the new Treaty. This may occur on 1 January 2009 if the following legislative procedure in both countries proceeds in the standard manner.

Instruction No. D-312

Tax News   1. 10. 2007 Link

The Ministry of Finance issued Instruction No. D-312 regarding application of reduced tax rates to license fees under the Double Taxation Treaty between the Czech Republic and Belgium. The Instruction sets forth, for the purposes of the aforementioned Treaty, that the listed license fees may be taxed in the country of origin by not more than 5 percent of the gross amount thereof. The Instruction shall take effect on 1 January 2008.

Altered Interest Rate

Tax News   1. 10. 2007 Link

The banking council of the Czech National Bank decided to raise the 2T repo rate to 3.50%, the discount rate to 2.50% and the Lombard rate to 4.50% at its meeting held on 29 November 2007. The new rates shall apply beginning 30 November 2007.

Judicature by the Constitutional Court Applicable to Malice in Law

Tax News   1. 10. 2007 Link

At the end of October 2007, the Constitutional Court denied a constitutional complaint against a decision by the Supreme Administrative Court and admitted that “malice in law” may be applied to tax issues.

Other changes

Tax News   1. 9. 2007 Link
Act on Employee Accident Insurance – date of effectiveness deferred until January 2010 The original intention was that the above Act would come into effect in January 2008. The effective date has...

International Agreements

Tax News   1. 9. 2007 Link
Czech-American Agreement on social security At the beginning of September 2007, the Czech Republic and USA signed an agreement on social security governing the rules on participation in the social...

Other changes arising from the Act on stabilisation of public budgets

Tax News   1. 9. 2007 Link

As set out in earlier issues of Tax News, the Act on stabilisation of public budgets has amended many provisions of law hitherto in force. Some of these changes are detailed below.

Common provisions

Tax News   1. 8. 2007 Link
Subsequent taxation of unpaid obligations Under a new provision, legal entities and individuals in receipt of income from a business or lease will have to increase their tax base by the sum of unpaid...

Corporate income tax

Tax News   1. 8. 2007 Link
Tax exemption for income from subsidiary The Amendment widens tax exemption of income by the parent company from its interests in a subsidiary and income from transfer of its interest in a subsidiary...

Personal income tax

Tax News   1. 8. 2007 Link
New method of calculating the tax base and tax The tax base for individuals (employees and the self-employed) will no longer be reduced by their contributions to social and health insurance; also, it...

Public Budget Stabilisation Act

Tax News   1. 8. 2007 Link

On 16 October 2007, the Act No. 261/2007 Coll,  the Public Budget Stabilisation Act (the "Amendment") was published. This Act also amends the Income Tax Act ("ITA"). The most important changes, effective from 1 January 2008, are summarised below.

Changes in Social Security and Health Insurance

Tax News   1. 7. 2007 Link

The Chamber of Deputies of the Parliament of the Czech Republic recently adopted the Act on Stabilization of Public Budgets, which the Senate of the Parliament of the Czech Republic is expected to approve in September 2007. The Act applies to sickness, pension and health insurance in the Czech Republic as well.

Amendments to the act on reserves

Tax News   1. 6. 2007 Link

Clear provision will be made for the creation of reserves by successor companies following a corporate transformation. The successor company will continue to create reserves and make provisions/ adjustments as commenced by the company being split up on the conditions that would have applied to such company had the transformation not taken place, but only insofar as such creation of reserves pertains to the portion of business assets passing to the successor company.

Amendments to the income taxes act (ITA)

Tax News   1. 6. 2007 Link

Parliament is currently debating several proposed amendments to ITA. The most important of these are the proposals set out in the "Government draft of the Act on stabilisation of public budget" ("Government Draft"). Amended several times, the Government Draft is now on its second reading and is likely to experience further amendment.

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