Country by Country Reporting (CbCR) approved in the Czech Republic

26. 9. 2017

On 19 September, 2017, an amendment of law No. 164/2013 Coll., on international co-operation on tax administration, and further related laws, stipulating conditions and obligations connected with CbCR becomes valid and has been published in the Collection of Laws.

The amendment states that all business entities which are a part of a concern are obligated to submit a “Declaration” to a specialized financial office containing information on (i) which concern entity, (ii) in which country and (iii) to what extent it will file the CbCR. The Declaration is to be submitted no later than 31 October, 2017, either in a form of a data message signed with a validated electronic signature or via the company’s data-mailbox.

As the financial administration is yet to issue more specific information on the form and structure of the Declaration, it is necessary to wait until it has been done so and an official form thereof has been released. All submissions performed in another form would have to be re-filed in a prescribed, however, yet undefined manner.

A fine of up to CZK 500,000 for failing to meet the obligation may be imposed.

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