Czech Republic announces draft legislation for enacting DAC8
On 25 March 2024, the Czech Republic government announced the release of the Draft Bill amending the Act on International Cooperation in Tax Administration and Other Related Acts to implement Council Directive (EU) 2023/2226 of 17 October 2023. This
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Czech Republic: President approves law to enact global minimum tax
On 14 December 2023, according to an update released by the Czech Republic Parliament, President Petr Pavel signed the law to implement the Pillar 2 global minimum tax under the Council Directive (EU) 2022/2523 of 14 December 2022. On 20 December
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Czech Senate passes global minimum tax rule
On 1 December 2023, the Czech Senate passed a law to enforce the Pillar 2 global minimum tax under Council Directive (EU) 2022/2523 of 14 December 2022. On 27 October 2023, the law was approved by the Chamber of Deputies. On 30 August 2023, the
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Czech Republic approves tax reform measures for FY 2024
The Parliament of the Czech Republic approved the Act on the Consolidation of Public Budgets. Most of the proposed amendments are scheduled to take effect from 1 January 2024. Some of the key tax measures are following: The corporate income tax
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Czech Republic: Chamber of Deputies passes tax reform bill
On 13 October 2023, the Czech Chamber of Deputies approved a tax reform bill that would consolidate the two reduced rates of value-added tax (VAT) and increase the corporate tax rate. The draft law on the consolidation of public budgets includes
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Czech Republic releases draft Global Minimum Tax Act
On 30 August 2023, the Czech Ministry of Finance has released a statement regarding the introduction of a draft law to implement the Pillar 2 global minimum tax rule, in accordance with Council Directive (EU) 2022/2523 of 14 December 2022. Key
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Czech Republic plans to increase tax rates
On 14 July 2023, the Ministry of Finance of the Czech Republic released a statement indicating that the Chamber of Deputies, the lower house of parliament, has given its initial approval to the government's recovery package. The package, which
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Czech Republic proposes to introduce global minimum tax rule
The Ministry of Finance of the Czech Republic has released a proposed bill in accordance with EU directive on global minimum tax that outlines the implementation of the top-up tax for tax periods beginning on or after 31 December 2023. According to
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Czech Republic launches public consultation to implement global minimum tax rules
On 15 May 2023, the Czech Ministry of Finance initiated a public consultation on a draft bill aimed at implementing the OECD's Pillar Two global minimum tax rules. This implementation is in accordance with the EU Minimum Tax Directive 2022/2523.
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Czech Republic revises Non-Cooperative jurisdictions list for CFC Rules
On 24 February 2023, the Czech Republic released Financial Bulletin No. 3/2023, that announced the non-cooperative jurisdictions list for the Czech Republic's controlled foreign company (CFC) regulations. The list has been updated in accordance with
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Czech Republic publishes FAQs on DAC7 reporting
The General Financial Directorate (GFD) has released a Frequently Asked Questions (FAQs) regarding the requirements of digital platform operators under the new reporting requirement for sellers and sales on their digital platforms. The first report
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Czech Republic enacts DAC7
On 7 December 2022, the Czech Republic enacted Law No. 373/2022 for implementing into domestic legislation, the EU Directive imposing reporting and exchange of information requirements concerning the activities of certain digital platform operators
See MoreCzech Republic: Supreme Court makes a decision of a TP case on related party transaction
Recently, the Supreme Administrative Court (SAC) held in judgment 7 Afs 398/2019 – 49 of a transfer pricing (TP) case that tax administrators may assess additional tax based on overall profitability not just for related-party transactions, but
See MoreCzech Republic: Finance Ministry updates list of jurisdictions exchanging CbC reports
On 20 January 2022, the Finance Ministry published Finance Bulletin No.3/2022, which updates the list of jurisdictions participating in the exchange of country-by-country (CbC) reports for the 2021 reporting
See MoreCzech Republic: Finance Ministry issues Bulletin regarding MCAA-CRS
On 28 December 2021, the Finance Ministry published a Bulletin regarding the lists of jurisdictions exchanging Country-by-Country (CbC) reporting for the year 2021 on International Cooperation in Tax Administration and on Amendments to Other
See MoreCzech Republic: Finance Ministry issues a guide to amend the Tax Code
On 22 April 2021, the Ministry of Finance issued a guide in Financial Bulletin 19/2021, which provides amendments to Tax Code. According to the Guide, the late payment interest rate is decreased from 14% to 8%. The amount of default interest is
See MoreCzech Republic: Finance ministry extends tax return filing deadline
On 9 March 2021, the Government published Financial Bulletin No. 16/2021, including a decision from Finance Ministry that the submission deadline of income tax return 2020 in paper format is extended from 1 April 2021 until 3 May 2021. On the other
See MoreCzech Republic: Government request to extend the state of emergency until February 2021
On 18 January 2021, the Andrej Babiš cabinet approved the Government’s request to extend the state of emergency for another 30 days, i.e. until 21 February 2021. The measures included in this State of emergency are given below: The government
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