• Consumers can solve disputes by using alternative dispute resolution

    April 12, 2016

    As of 1st February 2016 it came into effect an amendment of the Consumer protection law which enables to solve disputes between consumers and sellers by using alternative dispute resolution. Sellers are obliged to inform consumers that there are new ways of alternative dispute resolutions...

  • EU-Commission decides selective tax advantages for Fiat in Luxembourg and Starbucks in the Netherlands are illegal under EU state aid rules

    November 2, 2015

    The EU- Commission has concluded that selective tax advantages provided by local tax authorities for Fiat in Luxembourg and Starbucks in the Netherlands are illegal under EU state aid rules. The tax authorities issued tax rulings which artificially lowered the tax paid by the company...

  • OECD aims to restrict shifting of corporate profit into low/no tax environments

    October 26, 2015

    G20 finance ministers adopted OECD international tax reform to restrain tax evasion. The reform says that huge multinational corporate businesses will pay taxes in the state where profit is earned therefore they could not shift profits artificially in to low or no tax environments where no business activity occurs. According to OECD researches in 2013 the governments’ revenue losses amounts from USD 100 to 240 billion annually thanks to profit shifting into tax advantageous areas...

  • New directive to support fight against legalization of revenues from criminal activity

    October 26, 2015

    European Parliament adopted as of May 2015 a new Directive (EU) 2015/849 of the European Parliament and of the Council on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing. The aim is to increase transparency of ownership structures of legal persons and trust funds. The most important changes are the establishment of central register of final owners of legal persons and trust funds, tightened control of politically exposed persons and unification of penalties at community level. The entrepreneurs can receive a cash payment in the maximum amount of 10 000 euro compared to former 15 000 euro. Using tax revenues from tax criminal activity will be considered as money laundry.

  • Electronic records of sales

    October 19, 2015

    As of June 3, 2015 the government approved a new law introducing a system of electronic records of cash sales of goods and services („e-tržby“, e-sales or EET in the Czech language) which should come into effect in the middle of 2016. If the Parliament adopts the law it will be created a new way of immediate communication between businessman and the Financial Administration of the Czech Republic...

  • Value added tax control report

    June 8, 2015

    From January 1, 2016 comes into force a new duty for taxpayers to file VAT control reports. The report does not replace the actual VAT return or recapitulative statement and is introduced as another tool to improve to detect the entities that illegally get money from public budgets...

  • From 2015 can the tax payer apply for remission of penalties and interests for delay assessed by tax authorities

    March 10, 2015

    Interest for delay and penalty which arise after the 1st of January 2015 can be partly or fully forgiven. The prerequisite is that the tax payer has been in the long term (3 years) fulfilling his or her legal obligation in the field of accounting, and in particular, towards the fiscal authority. A concrete course of actions of the fiscal authority in the approval process came into force in February 2015.

  • Minimum wage rise as of Janury 1st, 2015

    October 7, 2014

    As of the 1st Janury 2015 minimum wage will be increased from CZK 8.500 to CZK 9.200 (respectively minimal hourly wage from CZK 50,60 to CZK 55).

  • Remuneration of Statutory representatives

    July 24, 2014

    Law No. 90/2012 Coll. on Commercial Corporations and Cooperatives in § 59 Article 3 regulates the remuneration of Statutory representatives of the company. The law says, that unless the compensation is agreed in the contract for the performance, the performance is free and the statutory representative is entitled to a remuneration only if it will be till the end of June 2014 supported by the general meeting. Law also points out that since 1.1.2014 the executives can´t be remunerated on the basis of the employment contracts.

  • New disclosure requirements

    April 18, 2014

    With effect from January 1, 2014 determined the Business Corporation Act No 90/2012 (Zákon o obchodních korporacích) new disclosure requirements not only for joint-stock companies, but also for all companies (without distinguishing the legal form) that are members of a concern and for all companies that have created websites. All companies of all legal forms must publish on their websites the following data: name, address, details of Commercial Register entry and identification number, a declaration of membership of a concern, an expert’s opinion on the share capital evaluation (§ 91), and information on transformations. Joint-stock companies are obliged to publish additionally: information on their financial statements, notice of General meeting (both at least 30 days before the General meeting date), the Annual report, the Report on the guaranteed loans (§ 312), an explanation for the shareholders (§ 358) and counterproposal of shareholders (§ 362).