In response to the new draft Accounting Act, the Czech Republic’s Ministry of Finance has issued a draft amendment to the Income Tax Act, proposing significant changes set to take effect starting 1 January, 2025.
The Key amendments include revised methods for valuing assets and debts, streamlined tax depreciation processes, and the application of international accounting standards.
The amendments address how to determine the tax base for foreign taxpayers, introduce a new concept for finance leases, and redefine the taxable period for legal entities.
There are also special provisions for taxpayers to maintain their accounting records in euros, alongside transitional provisions and various other changes.
