Attention: Tax Exempt Income Notifications
Dear readers,
We want to draw your attention to the obligation to file a “notification of tax-exempt income”.
If you received income in 2022 that is exempt from individual income tax under the Income Tax Act, you may be obliged to notify the tax administrator of such income.
We have previously provided summarised information on this obligation on our blog. The obligation to file the notification will apply to you for example in case of income from acquired inheritance or a gift received from your family (charge-free income from a direct relative / collateral (sibling, uncle, aunt, etc.)). The obligation only applies to income above CZK 5,000,000.
If this obligation applies to you, you have to file the notification within three months from the end of the taxation period; for 2022, the notification has to be filed no later than by 3 April 2023. If you have a data box (you file your tax return electronically), this deadline is extended to 2 May 2023 (or to 3 July 2023, if your tax return is filed by a tax advisor).
There is no required form for the notification, but you can use the optional form “Notification of Tax-exempt Income Pursuant to Section 38v of the Income Tax Act“, which is available on the Financial Administration’s website.
The Financial Administration published short information on their website, drawing taxpayers’ attention to the obligation. The website also contains a number of useful links and related information, including a list of FAQ and responses thereto.
Please be also advised that if you fail to discharge the filing duty (or are in default with discharging it), you will be obliged to pay a relevant fine.
If you need more information about this matter or are unsure with regard to your situation, please feel free to contact us. We are ready to help you!
Michaela Kozminská
kozminska@edmutilitas.cz![\"michaela-kozminska-23\"](\"/data/editor/michaela-kozminska-23.jpg\")
