News

  • More companies will report according to the International Financial Reporting Standards from 2011

    February 10, 2011

    From the beginning of 2011, also companies which don't issue securities are allowed to settle and compile their financial statements according to the International Financial Reporting Standards (IFRS). However, there is a prerequisite for usage of IFRS which determines that a Czech company is a part of consolidation unit, which is obliged to compile consolidated financial statements according to IFRS too. The decision about usage of IFRS for settlement and compilation of a financial statements as well as determination of accounting period from which the IFRS will be used is subject to approval at the company shareholder's general meeting.

  • Change in the tax administration

    October 28, 2010

    As of the 1st January 2011, Act N.280/2009 Sb., tax system is replacing current Act N. 337/1992 Sb. providing for administration of taxes and tax fees. The tax authority can issue a new decision on remission of tax attribution for reasons of lowered summum jus. According to the unexpired Act providing for administration of taxes and tax fees will be reviewed all requests for remission of tax attribution delivered until the end of 2010. The tax subjects can submit requests to the appropriate tax authority until the end of 2010 either if the tax and tax attribution were assessed or they can be assessed according to the results of the current tax control.

  • OECD approves the 2010 Transfer Pricing Guidelines

    September 20, 2010

    The OECD Council has approved the 2010 version of the Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations. Chapters I-III of the Transfer Pricing Guidelines were substantially revised as a result of the review of comparability and profit methods that was undertaken by the OECD, with input from non OECD economies. In addition, the 2010 version of the Transfer Pricing Guidelines contains a new Chapter IX on the transfer pricing aspects of business restructurings. Source: www.oecd.org

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