News

IR Global - Virtual conference “Collaborating in a Virtual World”

Wednesday, 24. March 2021 - 13:32
The coronavirus pandemic, which has now been going on for a year, has brought with it more difficulties than we could have ever imagined. This disease has more or less crippled the world and affected all sectors. Social distancing has become standard. Gradually, we have adapted and replaced meeting others in person with virtual meetings. And so,...

Remission of late filing penalties and default interest

Tuesday, 23. March 2021 - 11:19
In connection with existing emergency measures, the Minister of Finance has issued a Decision concerning the remission of penalties and associated default interest: For late filing of corporate and personal income tax returns for the 2020 tax year, provided a tax return is filed no later than 3 May 2021 (standard filing) or 1 June 2021 (for tax...

How to deal with income received by individuals as part of Covid-19 programmes in a tax return

Monday, 22. March 2021 - 18:13
Income exempt from income tax, i.e. not included in a personal income tax return: Compensation bonus for entrepreneurs – this is a tax bonus which, under Section 4 (1zj) of the Income Tax Act, is exempt. Care-giver’s allowance for self-employed persons – this is a subsidy which is exempt from income tax according to a special provision contained...

Consequences of not filing financial statements in the Commercial Register

Thursday, 11. March 2021 - 15:35
On 1 January 2021, the expected amendment to the Business Corporations Act and the related amendment to the Public Registers Act came into force. Among other things, this brings with it a tightening of sanctions for non-compliance with the obligation to file financial statements in the Collection of Deeds of the Commercial Register. In the event...

VAT refund from Great Britain for 2020

Thursday, 4. March 2021 - 19:06
For VAT payers wishing to claim a VAT refund from the United Kingdom in 2020 under Section 82 of the VAT Act, the deadline for applying is 31 March 2021. The shortening of the usual deadline is due to the United Kingdom’s withdrawal from the EU. Within this period, applications can be submitted electronically via the General Financial Directorate...

Amount of interest on arrears from 1 January 2021

Friday, 26. February 2021 - 17:23
The amendment to the Tax Code, which came into force on 1 January 2021, brings with it a number of changes. One of them is the adjustment of interest on arrears. Until the end of 2020, under Section 252 of the Tax Code interest on arrears corresponded to the annual amount of the REPO rate set by the Czech National Bank (ČNB) on the first day of...

Establishing a new limited liability company has been easier since 1 January 2021

Thursday, 25. February 2021 - 11:01
The amendment to the Business Corporations Act effective from 1 January 2021 has simplified the procedure for establishing a limited liability company. If the registered capital is agreed in the maximum amount of CZK 20,000 (approx. 750 €), it is not necessary to open a bank account to pay up such registered capital. This innovation will be...

Brexit: Coordinating social security

Monday, 22. February 2021 - 17:18
Based on the Protocol on Social Security Coordination, which is part of the Trade and Cooperation Agreement concluded between representatives of the UK and the EU, similar rules are maintained for migrants between the Czech Republic and the United Kingdom after 1 January 2021 as for EU citizens. The protocol preserves the principle of one...

By when must changes be made after amendment to the Business Corporations Act?

Friday, 19. February 2021 - 10:14
On 1 January 2021, an amendment to the Business Corporations Act took effect, bringing many obligations for business corporations which must adapt their Articles of Association to the new regulation and update their data in the Commercial Register. In terms of deadlines, business corporations must in particular take the following steps: Business...

Brexit and a summary of the main changes in VAT from 1 January 2021

Monday, 15. February 2021 - 11:05
As of 31 December 2020, the transitional period ended, when European Union law ceased to apply in the United Kingdom (United Kingdom of Great Britain and Northern Ireland), and from the point of view of VAT, the United Kingdom became a third country from 1 January 2021. For cross-border trade in goods, the goods will be subject to customs...

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