News

ČTSOK discusses cooperation with the Samsun Chamber of Commerce and Industry

Wednesday, 16. October 2019 - 16:12
On Friday 20 September 2019 the first formal meeting took place between representatives of the Czech-Turkish Joint Chamber and a business delegation from the Samsun Chamber of Commerce and Industry (SCCI). ČTSOK’s chairman of the board Aleš Eppinger and vice-chairman of the board Alper Özmert discussed possible cooperation with members of SCCI,...

New legislation regarding the ultimate beneficial owner and an overview of sanctions for breach of the registration duty

Thursday, 26. September 2019 - 15:34
In an effort to reform the existing patchy legislation regarding the ultimate beneficial owners, the Czech Ministry of Justice has drafted an amendment to the regulation governing the register of beneficial owners. Most importantly, these new rules for the beneficial owners register should clarify the definition of an ultimate beneficial owner and...

New conditions of applications for investment incentives

Wednesday, 25. September 2019 - 14:10
On 6 September 2019, an amendment to Act No. 72/2000 Coll., on Investment Incentives, took effect; the objective of the amendment is to focus public support of investment plans of businessmen on projects with higher added value. The amendment aims to increase the flexibility of interconnecting the investment incentive system with the current...

A state visit to Turkey with Prime Minister Andrej Babiš and Representatives of the Management of Czech Turkish Joint Chamber of Commerce

Tuesday, 24. September 2019 - 16:31
From September 2 to 4, 2019, a state visit to Turkey, led by Prime Minister Andrej Babiš and Minister of Industry and Trade Karel Havlíček, took place. They were accompanied by a business delegation headed by Vladimír Dlouhý, President of the Czech Chamber of Commerce. Chairman of the Supervisory Board Mr.Martin Felenda and Vice – Chairman of the...

Disproportionate amount of contractual default interest and its contradiction with the Constitution

Wednesday, 18. September 2019 - 11:34
First of all, a distinction must be made between the so-called statutory default interest – corresponding annually to the repo rate set by the Czech National Bank for the first day of the calendar half-year in which the default occurred, increased by 8 percentage points – and contractual default interest – which corresponds to the mutual agreement...

Tax implications upon termination of a contract for private life assurance and subsequent formation of a new contract

Wednesday, 18. September 2019 - 11:32
There has been an option for taxpayers since 2001 to deduct the value of contributions made to their private life assurance from the tax base. The taxpayer may deduct the non-taxable portion of the tax base provided that the conditions, the exhaustive list of which is provided in the Income Tax Act, have been met. If an early termination is...

Costs of renting a replacement vehicle – What if the insurance company refuses to reimburse them?

Tuesday, 17. September 2019 - 14:07
Anyone can easily imagine a situation when our vehicle becomes (temporarily) immobile as a result of a traffic accident. As a standard feature, the accident insurance coverage offered by insurance companies these days includes reimbursement of the costs of renting a replacement vehicle. But what can we do if the insurance company refuses to...

Amendment to the Aliens Residency Act – migration quotas, special work visas and integration courses

Thursday, 12. September 2019 - 14:05
If you are a foreigner from a non-EU country, especially if you intend to work or do business in the Czech Republic, or if your company intends to employ or cooperate with foreigners, then you should not miss the extensive amendment to the Aliens Residency Act. Its individual parts will come into effect gradually, in the period from 31 July 2019...

Cooperation between ECCEDU and Schaffer & Partner continues successfully

Tuesday, 6. August 2019 - 10:28
The legal team at the Schaffer & Partner group (skupina Schaffer & Partner) has been working closely for many years now with ECCEDU (European Centre for Career Education), which organises education programmes every year for students from all over the world, although it does concentrate primarily on Chinese students. Aleš Eppinger,...

Utilizing the regular financial statements of the joint stock company as a basis for profit distribution in the following accounting period

Thursday, 25. July 2019 - 9:53
Pursuant to the previous legislation, it was concluded in the Supreme Court’s case law that the six-month period for convening the annual general meeting counted from the end of the last accounting period also determines the last day of usability of the regular financial statements as a basis for profit distribution. In practice, this meant that,...

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