Czech Republic, Montenegro tax treaty enters into force
The income tax treaty between the Czech Republic and Montenegro took effect on 30 January 2025. Signed on 20 February 2024, it replaces the 2004 treaty between the Czech Republic and the former Serbia and Montenegro. The income treaty aims to
See MoreCzech Republic: Senate approves extended tax breaks for Ukraine donations
The Czech Republic Senate has passed a new legislation to expand the tax deductibility of donations to Ukraine. Once enacted, the law will allow individuals and corporations to deduct up to 30% of the value of their donations, an increase from the
See MoreCzech Republic, Kenya conclude tax treaty negotiations
Officials from the Czech Republic and Kenya have announced the conclusion of negotiations for a first-ever income tax treaty between the two countries on 22 January 2025. The treaty aims to eliminate double taxation of income and prevent tax
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Czech Republic, Kenya holds third round of income tax treaty talks
The Czech Republic and Kenya held their third round of income tax treaty negotiations from 20 to 23 January 2025. Any resulting income tax treaty will prevent double taxation and pertain to taxes on income and prevent tax evasion between the
See MoreCzech Republic introduces 2025 VAT Law amendments
The Czech Republic has announced it will amend the Value Added Tax (VAT) Act to include a VAT base correction period extension and changes to the rules for correcting the VAT base. The VAT base correction period has been extended to seven years,
See MoreCzech Republic posts CAA text for CbC reporting with the US
The Czech Republic’s Ministry of Finance has published the text of a Competent Authority Agreement (CAA) concerning the exchange of country-by-country (CbC) reports with the United States on 9 January 2025. This agreement between the two
See MoreCzech Republic: Ministry of Finance clarifies DAC7 information exchange
The Czech Republic’s Minister of Finance has signed a declaration on the application of the Multilateral Agreement of Competent Authorities on the implementation of the automatic exchange of information notified by platform operators (DPI MCAA) on
See MoreCzech Republic: Senate passes bill on VAT scheme for small enterprises
The Czech Senate (upper house of parliament) has passed the Bill on Amendments to the Value Added Tax Law on 11 December 2024, which amends the VAT Law to incorporate the Amending Directive to the VAT Directive (2020/285) of 18 February 2020
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OECD: Czech Republic, Hungary, Germany sign agreement to share digital platform income information
The Organisation for Economic Co-operation and Development (OECD) has announced that the Czech Republic, Germany, and Hungary have signed the Multilateral Competent Authority Agreement on the Automatic Exchange of Information on Income Earned
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Czech Republic, Korea (Rep.) sign MoU on trade and investment promotion framework
Czech Republic and Korea (Rep.) signed a memorandum of understanding (MoU) on the Trade and Investment Promotion Framework (TIPF) on 20 September 2024. The signing of the MoU came after 34 years of diplomatic relations between the two countries,
See MoreCzech Republic, Rwanda tax treaty enters into force
The Czech Republic Ministry of Finance has announced,on 11 November 2024, that the income tax treaty with Rwanda came into effect on 30 October 2024. This treaty, signed on 2 May 2023, is the first between the two nations and aims to eliminate
See MoreCzech Republic updates list of non-cooperative CFC jurisdictions
The Czech Republic Ministry of Finance has released Financial Bulletin No. 9/2024, containing a notice regarding the lists of non-cooperative jurisdictions for various periods about the Czech Republic's controlled foreign company (CFC)
See MoreCzech Republic passes bill on VAT scheme for small enterprises
Czech Republic’s lower chamber of parliament has passed the bill amending the VAT Law on 30 October 2024, aiming to incorporate the Amending Directive to the VAT Directive (2020/285) concerning the special scheme for small enterprises, among other
See MoreCzech Republic, Sri Lanka income tax treaty enters into force
The income tax treaty between the Czech Republic and Sri Lanka entered into force on 16 October 2024. The announcement was made by the Czech Ministry of Finance on 15 October 2024. Both countries apply the credit method for the elimination of
See MoreCzech Republic ratifies tax treaty with Montenegro
Czech Republic’s President Petr Pavel enacted the law ratifying the pending income tax treaty with Montenegro on 1 October 2024. The treaty was signed by the two nations on 20 February 2024, aimed at preventing double taxation of income and
See MoreCzech Republic approves larger 2024 budget deficit after floods
The Czech Republic's lower house increased the 2024 budget deficit target to CZK 282 billion to allocate CZK 30 billion on 1 October 2024 for flood aid following severe rains in September. The government initially raised the deficit target from
See MoreCzech Republic offers tax relief for individuals and businesses due to widespread flooding
The Czech Financial Administration announced several notices – providing information on tax payment deferments, penalty waivers, and various forms of tax relief – for citizens and businesses in light of the significant flooding on 18 September
See MoreCzech Republic: Finance Ministry proposes 9% deficit cut in 2025 budget
The Czech Republic’s Ministry of Finance has presented the government the draft 2025 budget that reduces the deficit by 9% on 1 September 2024. The proposal promises significant investments while reducing the fiscal gap to 2% of the gross
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