The Government has submitted a bill to the Parliament on 10th November 2015 regarding changes to the law on international cooperation in tax administration. The Bill must be accepted by both chambers of the parliament and signed into law by the president and it will generally apply from 1st January 2016. It implements the provisions regarding the automatic exchange of information developed by the OECD and the European Union. In particular, the Bill implements a common standard on reporting and due diligence for financial account information which is compatible with the FATCA agreement. Application of this common standard in the Czech Republic is expected with effect from 1 January 2017.
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