A new year always brings about obligations to calculate and account for the taxes of the previous one and get ready for the coming accounting period. What is it we can expect, then?
Except for the regular payments and contributions, the VAT annual quotient needs to be settled in the last 2016 VAT report. Also, the Road and Property Tax (if property was purchased or changed) Returns need to be submitted by 31 January, 2017. The Dependent Activity Income Tax Settlement is to be filed by 1 March (or, 20 March if filed in the electronic form) and the same concerns the Withholding Tax by 1 April. This date is especially important as it determines the deadline for the submission of income tax returns for income tax payers who do not make use of the services provided by tax advisors – the deadline, however, extends by 3 months for audited companies and entities, which have a PoA of a tax advisor.
On top of that, physical persons are obliged to submit social security and health insurance reports by 1 May. This is also a date of their monthly instalments change in which the increase of the minimal salary/wage to CZK 11,000 will also be reflected; the limit for the under age children tax bonus is also connected with the increase – the condition for its reception is an annual income reaching at least six times the minimal wage (CZK 59,400 for 2016 and CZK 66,000 for 2017).
2017 will also bring about several changes in tax; some of them have already been approved of, while other are still being discussed by the government. We will, of course, keep you informed in due course of time.
