New Printed Form Of Tax Return Reflecting VAT Law Amendment

Schaffer News

The VAT law amendment (Nr. 262/2014 Coll., in force since 1 Jan 2015) introduces another reduced VAT rate at the value of 10 %, adding to already effective15% one. It is to be imposed on all kinds of goods such as printed books, medicinal drugs or infant food (the complete list can be found in the law's addendum number 3a).

 

Consequently, a new value added tax return containing a few minor and rather formal changes form has also been issued. Its overall layout and content of columns remains unchanged with the exception of the reduced VAT rates, which are to be entered into one and the same box. This may, as a matter of fact, cause certain issues since it could be quite difficult to distinguish which part of the tax base has been taxed by which VAT rate at a glance. The procedure is, however, described in the accompanying instruction booklet. Both the new form, 25 5401 MFin 5401 – templ. 19, and the instruction booklet were used in January for the first time and can be downloaded from the financial administration web site.

Klára Bedrunková