Articles

In 2023, Datova Schranka will become mandatory for entrepreneurs
In 2023, Datova Schranka will become mandatory for entrepreneurs
23-01-2023
2023 has brought a number of changes to tax legislation.  The important matter of the registration of electronic Datova Schranka for individual entrepreneurs (IPs) simply cannot be overlooked. Up until now, IPs were not obliged to have a data box, but they could voluntarily acquire one by going to any Czech point. Andrej Babiš’ government...
The turnover limit for VAT registration has been doubled
The turnover limit for VAT registration has been doubled
13-12-2022
Mandatory registration as a value added tax (VAT) payer usually occurs where turnover exceeds 1 million Czech crowns within 12 consecutive calendar months. An exception does include entrepreneurs who only make non-refundable transactions, which are exempt from tax.  From January 2023, a large package of tax changes will come into effect. The most anticipated new...
DoMyTax in the UAE and the Middle East
DoMyTax in the UAE and the Middle East
19-08-2022
The international company DoMyTax is expanding its portfolio of services to the Middle East (UAE)! This means that you can now receive UAE tax advice, company registration, bookkeeping and audit services in the UAE. Full list of jurisdictions served today: UAE 🇦🇪, Czech Republic 🇨🇿, Poland 🇵🇱, Lithuania 🇱🇹 and Germany🇩🇪. Now you can easily...
How to withdraw funds from a company legally
How to withdraw funds from a company legally
30-05-2022
It is more difficult to withdraw money from your own business than you might think. In fact, the rules around withdrawing money create problems for business owners, due to tax law regulations. However, we can guide you through some legal solutions to these issues.  Withdrawing funds through dividend payments:  Many experienced tax consultants consider dividend...
How to properly issue an invoice in the Czech Republic?
How to properly issue an invoice in the Czech Republic?
21-01-2022
An invoice (daňový / účetní doklad / faktura) is a document that is used to submit a request for payment for services or goods. In the Czech Republic, there is no specific law that regulates the rules for its preparation, the law points out only the mandatory data that has to be included in the...
Determination the right place of social and health insurance for EU citizens
Determination the right place of social and health insurance for EU citizens
01-12-2021
Our article will help to solve the problem of choosing a right place for social and health insurance for the citizens of the European Union (EU), when working not only in the country of permanent residence. Each citizen, who lives in one of the EU country has to be socially protected and has to get...
How to transfer the real estate from a company to yourself and eliminate an unwanted s.r.o.?
How to transfer the real estate from a company to yourself and eliminate an unwanted s.r.o.?
07-09-2021
Prior 2009, foreigners were not allowed to purchase the Czech real estate. As a solution for purchasing the real estate, a Czech company was registered for which the real estate property later on was purchased. Because a change of real estate ownership from a company to founders was a subject to a real estate transfer...
Import modes: IOSS and outside of the EU. Distance sales of goods imported from third countries
Import modes: IOSS and outside of the EU. Distance sales of goods imported from third countries
14-06-2021
Let us review two import modes: IOSS and outside of the EU. IOSS mode Until June 30 2021, the buyer has to pay VAT on imported goods from third countries, if the value of each item is higher than 22 EUR. Goods, with the value not exceeding 150 EUR, are exempt from customs duties. Starting...
EU mode: new VAT rules for distance sales
EU mode: new VAT rules for distance sales
14-06-2021
Starting July 1, 2021, the currently operating “mini One Stop Shop” (MOSS), about which we previously wrote in our article, will expand. The MOSS mode that currently applies to telecommunications, broadcast and electronic services will cease to be the “mini”, but becomes the OSS (in English: “One Stop Shop”) and will also apply to distance electronic...
New VAT rules for distance sales (“e-commerce”) starting 1 July 2021
New VAT rules for distance sales (“e-commerce”) starting 1 July 2021
14-06-2021
We are presenting you a series of articles about innovations in e-commerce distance sales. In this article, we describe the basic matters related to OSS mode. Who can use the OSS special mode? • E-shop owners: distance sales of goods via e-shop to end consumers of the European Union, individuals (B2C) • Companies and entrepreneurs...
Law changes related to the deduction of income tax losses. / What to do with the 2020 losses?
Law changes related to the deduction of income tax losses. / What to do with the 2020 losses?
02-03-2021
The year-end reporting time is quickly approaching, which means it is time to take stock for 2020. Due to the COVID situation, a number of laws have been amended. One of them is the regulation of the deduction of tax losses, enshrined in Law No. 299/2020, which entered into force on 1.7.2020. This option is...
Tax Revolution 2021. Considerable Government Support for Employed Workers
Tax Revolution 2021. Considerable Government Support for Employed Workers
19-01-2021
The Czech Parliament approved the long-awaited tax package of Law 609/2020 Sb. from 22.12.2020, which amends some taxation and other laws. One of the most significant changes is the cancellation of super-gross wages “superhrubé mzdy”, which means an increase in net wages for all employed persons. The wages of most employed workers in the Czech...