Promulgation of the 2023 tax package

19. 12. 2022
Promulgation of the 2023 tax package

On December 2, 2022, Act No. 366/2022, which amends the Income Tax Act and the Value Added Tax Act and introduces a Windfall Profits Act, was promulgated in the Collection of Laws. The Act comes into effect on January 1, 2023.

Among other things, the limit for compulsory registration of a VAT payer has been increased from CZK 1 million to CZK 2 million.

In connection with the increase in the registration limit, transitional provisions have been issued relating to possible deregistration if turnover does not reach CZK 2 million. The provision specifies the possibility of applying for cancellation of VAT registration if turnover in the last 12 months has been between CZK 1 million and CZK 2 million. An application for deregistration should have been submitted within 5 days after the effectiveness of the stipulation, i.e. by December 8, 2022.

The taxpayer will cease to be a taxpayer on the basis of the application:

  1. on January 1, 2023, if the decision on deregistration is delivered by December 31, 2022,
  1. on the day after the decision on deregistration is delivered if it is delivered on January 1, 2023 or later.

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