News

Court of Justice of European Union on the side of taxpayers

In 2016, the Financial Office for Central Bohemian Region has commenced tax controls in relation to couple of tax periods in the company AGROBET CZ, s.r.o., in order to examine the fulfilment of the conditions for claiming an excessive deduction. The tax audit was focused exclusively on specific transactions related to rapeseed oil. Other transactions were not challenged by the tax administrator. However, as a result of the commencement of the tax audit, the full amount of the excessive VAT refund claimed by the company was withheld.

Tax laws amendments in connection with coronavirus 

The Czech Republic is entering into next phase of the fight against the consequences of large-scale measures in connection with the Covid-19 pandemic, which affect many entrepreneurs and companies. To mitigate the negative economic impacts, Tax laws amendments are prepared (hereinafter referred to as the “Anti-Crisis Tax Package”). The Anti-Crisis Tax Package should be valid on 1 July 2020 at the latest. 

Few general mistakes from current year’s audits….don’t you make them as well?

Summer holidays are slowly approaching, also for us, auditors, the busy audit season is finally ending, thus I decided to mention in today’s article few accounting bad habits we faced during current year’ s audit season.

Additional tax relief from the third liberation package

Following the Liberation package I and II from March this year, the government proceeded with further tax reliefs or extensions of existing measures to support tax subjects in connection with the spread of coronavirus. These measures are summarized in Liberation package III adopted by the government on 8 June 2020 with effect as of the publication in the Financial Bulletin 9/2020 of 10 June 2020.

Changes in Labor Code

The Parliament of the Czech Republic approved the long-awaited amendment to the Labor Code. The amendment will bring bigger certainty for employers in the transfer of rights and obligations, a change in the counting of holidays during public holidays, the elimination of the need to issue a employment confirmation for uninsured agreements to complete s job without salary deductions (seizures), changes in document delivery, the concept of shared job position and much more.