A personal income tax payer who has received exempted income above CZK 5,000,000 must report this to the tax authorities. The value of each income is assessed separately.
The deadline for submitting Notification of Exempted Income is the same as the deadline for filing a tax return.
Natural persons must submit the Notification within three months of the end of the tax period, i.e. for 2022 by no later than April 3, 2023. For taxpayers who file their tax return electronically, the deadline is extended to May 2, 2023. And taxpayers, for whom a tax advisor files their tax return, have a deadline for submitting the Notification extended to July 3, 2023.
In the Notification the taxpayer states the amount of income, gives a description of the circumstances under which the income was acquired, and the date on which the income arose.