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Dear Readers,

Please find below short news for July 2024:

• On 1 July 2024, an amendment to Act No. 240/2013 Coll., on Investment Companies and Investments Funds, published in the Collection of Laws under no. 163/2024 Coll., came into force. The changes respond to developments on the capital market in the Czech Republic in the area of fund financing. This amendment also includes a technical amendment to the consolidation package.
   
• On 15 July 2024, a draft regulation was filed to amend three existing Regulations (Nos. 415/2011 Coll., 416/2011 Coll., and 323/2013 Coll.) in connection with adopting a law on transformations of corporations and cooperatives. The purpose is to harmonise the Regulations and the law’s text. The regulation had passed the third comment procedure.
   
• On 23 July 2024, the President signed an amendment to the Insolvency Act, which is expected to come into force in the nearest months. The purpose is to implement the Directive of the European Parliament and the EU Council on Restructuring and Insolvency, which is to make the debt relieving process more efficient and streamlined. A draft regulation was filed in this connection (Parliamentary Press No. 491), the purpose being harmonising the implementation legislation and the new statutory regulation.
   
• An amendment to the Labour Code was announced in the Collection of Laws on 31 July 2024 under no. 230/2024 Coll. This amendment comes into force as soon as on 1 August 2024, with certain exceptions (changes regarding working hours’ self-scheduling) that will become effective on 1 January 2025.
   
• An amendment to the Accounting Act with the planned effect from 1 January 2025 should result in a comprehensive change in the existing law and should also implement requirements of an EU Directive in relation to increases in key values of monetary criteria in categorising groups of entities.
   
• The General Financial Directorate issued the Information on a suspension in implementing selected articles of the Double Taxation Treaty with the Republic of Belarus. Implementation of Articles 10, 11 and 13 of the Treaty will be suspended for the period from 1 June 2024 through 31 December 2026.
   
• The Ministry of Foreign Affairs issued Statement No. 206/2024 Coll., on Agreeing on an Agreement between the Czech Republic and the United Arab Emirates on Avoiding Double Taxation in the Area of Income Taxes, and on Avoiding Tax Evasions and on Avoiding Tax Liability. The new agreement became effective on 29 May 2024 and its provisions will be implemented as of 1 January 2025.
   
• Please be advised that the deadline for filing refund requests for VAT paid in other EU member states for 2023 will expire as of 30 September 2024.

Stela Bartošová
bartosova@clarksonhyde.cz