News

Schaffer news - Issue 2/2019

Wednesday, 29. May 2019 - 16:37
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A warning against using online templates and DIY contracts

Thursday, 23. May 2019 - 17:12
Besides the fact that many attorneys begin drafting client agreements from templates accumulated from years of experience and refinement, it is wise to spend the money and take the time to consult an attorney to attend to the drafting of your personal or commercial contracts instead of purchasing or downloading a template from the Internet or...

The 2019 tax package promulgated in the Collection of Laws

Thursday, 23. May 2019 - 17:10
On 27 March 2019, Act No. 80/2019, representing a set of amendments to tax laws, particularly the Income Tax Act, the Value Added Tax Act and the Tax Code, was promulgated in the Collection of Laws. The Act takes effect on 1 April 2019. The first part below presents an overview of the main changes related to income tax. Change in income from...

New trademark legislation after almost 15 years

Thursday, 23. May 2019 - 17:08
The amendment, effective since 1 January 2019, changed the Czech legislation on trademarks. The legislator thus reflected the European directive. The most significant changes concerning trademarks particularly include the following: a trademark may also be any designation that cannot be represented graphically (i.e. a movement, sound or...

Change in the income tax base for foreign employees

Thursday, 7. March 2019 - 17:22
The new year has not brought many legislative changes related to the income tax yet – these will be included in the 2019 tax package which is now being discussed. However, in this article we would like to introduce to you one important change that came into effect on 1 January 2019. In December last year, the Czech president managed to approve an...

Agreement on local court jurisdiction in GT&C

Thursday, 7. March 2019 - 17:20
Under the Code of Civil Procedure, the parties to proceedings in cases related to relationships between entrepreneurs arising from business activity can agree in writing on the local jurisdiction of another court of first instance, unless the law stipulates exclusive jurisdiction. This prorogation agreement is routinely included in the text of the...

Reporting Taxable Transactions in an Incorrect Tax Period

Friday, 14. December 2018 - 10:05
Although Section 104 of Act No. 235/2004 Regulating the Value Added Tax is fairly straightforward and it has been part of the Act for a long time, the tax administrators’ approach to its application has varied. Conclusions reached by a special Coordination Committee in May 2018 could help unify the process. The Coordination Committee 521/02.05.18...

The Importance of Correct and Updated Data in the Commercial Register – Failure to Comply May Result in the Involuntary Liquidation Ordered by Court

Friday, 14. December 2018 - 9:57
The Civil Code, the Business Corporations Act, and the Act Governing the Public Registers of Legal Entities contain a number of provisions regulating the non-voluntary and irrevocable dissolution of a legal entity with liquidation by a registration court. The court proceeds with such a dissolution if the legal entity fails to properly meet the...

How to treat vouchers and coupons in 2019?

Wednesday, 7. November 2018 - 10:23
The proposed amendment to the Act on Value Added Tax transposes changes made in Council Directive (EU) 2016/1065 which will take effect in January 2019 and stipulates, among other things, new harmonised rules for the application of value added tax to various types of vouchers. Until now, this matter has never been specifically addressed in the VAT...

Free entry in the ultimate beneficial owner data register – only until the end of 2018

Thursday, 25. October 2018 - 17:06
Since January 2018, legal entities entered in the public register and trust funds entered in the trust fund register have been obliged to state their ultimate beneficial owners in the newly established Register. The aforementioned obligation applies not only to business corporations and trust funds, but also associations, foundations, institutes,...

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