Archives for 2021

Subsidies from the National Recovery Plan The Ministry of Industry and Trade of the Czech Republic has developed the National Recovery Plan, which has already been approved by the European Union. We expect the announcement of the first calls in the near future. The main objective is to revive the economy after the coronavirus pandemic. […]

Waiver of VAT for Supplies of Electricity and Natural Gas in November and December 2021 We would like to inform you that the Ministry of Finance of the Czech Republic has decided on an extraordinary waiver of VAT for supplies of electricity and gas in the period from 1 November to 31 December 2021. The […]

VAT Amendment Concerning e-Commerce Comes into Effect In June 2021, in our News No. 6 we informed you that the Chamber of Deputies had approved an amendment to the VAT Act. The amendment should have been effective from 1 July 2021, as required by the relevant European directive. However, the legislative process then hit a problem. The […]

VAT changes related to e-commerce We would like to draw your attention to the amendment to the Czech VAT Act, which should be effective from 1 July 2021. The relevant proposal has already been approved by the Chamber of Deputies; it will now be debated in the Senate. The changes will mainly concern: Taxation of […]

VAT on rental of residential properties Dear readers, We would like to draw your attention to a change in VAT on the rental of flats and houses from 2021. Rental of real estate, with a few exceptions (for instance rental of parking spaces), is VAT exempt without the entitlement to deduct VAT from transactions on input. If […]

Records of beneficial owners and significant new sanctions There will be changes to the records of beneficial owners in the spring of 2021. The new Act No. 37/2021 Coll., on records of beneficial owners was published in the Collection of Laws and should take effect on 1 June 2021. We would like to acquaint you […]

Amendment to the tax code The amendment to the tax code came into effect on 1 January 2021. Based on the justification report for the act, the following thematic areas should constitute the core of the proposed changes: support of digitalisation simplification of inspection procedures revision of the sanctioning system refund of the tax deduction. […]

Tax impacts of Brexit The United Kingdom of Great Britain and Northern Ireland (hereinafter “United Kingdom”) exited the European Union on 31 January 2020, based on an agreement on withdrawal. However, until the end of 2020 there was a transition period in place, in which the United Kingdom was still viewed as an EU Member State […]

2021 Tax Bundle We would like to briefly inform you of the selected changes brought about by the “tax bundle”. The respective collection of amendments was published in the Collection of Laws on 31 December 2020 and is effective from 1 January 2021. However, some provisions may already be applied to the year 2020. Cancellation […]

Flat Tax for Entrepreneurs From 1 January 2021, a flat tax will be introduced which could bring savings to selected entrepreneurs and reduce their administrative burden. However, the transition to a flat tax must be reported to the tax office by 10 January 2021 at the latest. The flat tax can be used only by an entrepreneur […]