-
Amendment to the Income Tax Act (Czech Republic)
Amendment to the Income Tax Act (Czech Republic) The Ministry of Finance submitted for comment procedure a motion to amend the Income Tax Act. The main proposed changes for physical person’s income tax are as follows: For 2015, no change in the tax base or rates is proposed. This means that super-gross wages…
-
Employee cards for foreigners (Czech Republic)
A new element governed by the law are so-called employee cards, the dual form of which includes both a work permit and residency permit, being designated for foreigners employed in the Czech Republic, i.e. foreigners having an employment contract directly signed with a Czech company. The non-dual form only includes a residency permit and is…
-
SEPA in SK
SEPA (Single Euro Payments Area) is a united area in which citizens and business operators may send and receive payments in EUR within SEPA member states under conditions, rights, and obligations identical to domestic payments in EUR regardless of where they are. Before 1 February 2014, bank accounts in BBAN format (national account number and…
-
Obligation of electronic submissions to the financial administration effective from 1 January 2014 (Slovakia)
Effective from 1 January 2014, a certain group of entities, among others tax entities that are payers of value added tax, is now obliged to make submissions exclusively via electronic means to the financial administration (revenue offices, customs offices, Financial Directorate of the Slovak Republic). Effective from 1 January 2014, the new obligation of electronic…
-
Payment of company profit according to new rules (Czech Republic)
The new act on business corporations sets out new rules for payments from the company’s own resources. The basic condition for profit payment applicable to all type of business companies is so-called insolvency rules, according to which no business corporation may pay out any profit or funds from its own resources, if such act resulted…
-
Members of the National Council of the Slovak Republic passed an amendment to the value added tax act (Slovakia)
Members of the National Council of the Slovak Republic passed an amendment to the value added tax act (Slovakia) In 2013, Slovakia reported a deficit of the public finance amounting to 2.8% of GDP. Based on this information, a VAT rate drop from 20% to the original 19% was expected (VAT act amendment from 2010…
-
Changes in 2014 income tax (Czech Republic)
The physical person’s income tax rate of 15% remains applicable, calculated from super-gross wages (1.34 multiple of gross wages). Solidarity tax increase of 7% will still be levied. It will not be possible to perform yearly billing of 2013 income tax advance payments for the employees who were subject to solidarity tax increase in 2013…
