The Real Property Acquisition Tax, formerly (and, in fact, amongst many, especially those who are a bit less versed in the subject of tax, still) known as The Real Estate Transfer Tax, will highly likely be the Purchaser's obligation to pay. The reason is that, as of 1 April, 2016, the Czech Republic is to join the majority of those EU countries in which the scheme has been in force for many a year.The first, although seemingly purely linguistic and wordplay-like, and preliminary steps towards this practice could be traced in the text of the New Labour Code (NLC), which came into effect exactly two years ago, and should be finalised by the new amendment, which is expected to be accepted and approved by the Parliament, and which introduces substantial changes to the whole philosophy by transferring the obligation to pay the tax from the Seller to the Purchaser of the Property in question. The NLC, as we have pointed out before, also brought about certain move by enabling the two parties to decide about the payment. As a matter of interest, the reader might want to know that the vast majority of real property transfers followed the previous, almost cut-and-dried, routine that the Purchaser was a mere guarantor of the financial settlement made by the Seller. Is spite of this (or perhaps, in accordance with the Central European, slightly sceptical philosophy, because of this?) common practice, the ruling elites have decided for a change...
