Dear Readers,
Please find below our short news for August 2024:
- The Government passed a bill amending Act No. 563/1991 Coll., on Accounting, Act No. 93/2009 Coll., on Auditors, and Act No. 426/2023 Coll., on Top-up Taxes for Large Multinational Groups and Large National Groups. The draft is now to be discussed in the Chamber of Deputies.
- The Government passed a bill amending Act No. 164/2013 Coll., on International Cooperation in Administering Taxes and on Amendment of Additional Related Laws, which primarily includes implementation of the DAC 8 Directive regulating duties in the area of crypto assets.
- The Ministry of Finance published a statement on so-called windfall tax, which will continue to be collected in the next year. As indicted by performed analyses, income from the collection of special taxes has not covered expenses incurred due to the energy crisis.
- The Court of Justice of the EU (the “CJEU”) Issued Press Release No. 125/24 on 12 August 2024, which reads that the General Court of the EU will newly be the one to decide on certain VAT questions (filed by 1 October 2024) as a result of the EU judicial structure’s reform. As a consequence, the CJEU will pass on the agenda from one or more of six precisely defined areas. The CJEU’s judicial agenda has increased in the recent years and this reform’s purpose is to bring relieve, thus contributing to timely compliance with laws in interpreting and performing contracts.
- Agreements to perform work were reported for the first time in August; employers have newly been obliged to provide reports on the level of employees’ income in a required form of the Czech Social Security Administration Authority on a regular basis since 1 August 2024. The deadline for the reports’ filing is by the 20th day of the following month.
- The National Accounting Council issued a new interpretation titled I-50 Deferred Tax and Exchange Rate Gains and Losses Eliminated from Taxation.
- The Financial Administration published Financial Newsletter 6/2024 – the List of Contractual States Applying a Common Standard in Announcing Key Days, and the List for the Purpose of Discharging the Duty to Inform pursuant to the Act on International Cooperation.
- Please be advised that the deadline for filing a refund application with regard to VAT paid in other EU member states for 2023 will expire on 30 September 2024.
Michaela Kozminská
kozminska@clarksonhyde.cz
