Articles

Representation abroad: when is it required to organize it?
Representation abroad: when is it required to organize it?
05-08-2020
Are you an entrepreneur, an individual or a legal entity that provides services or sells goods on the territory of another state? Both foreign companies doing business in the Czech Republic and Czech firms trading in other countries under certain conditions must additionally register for the income tax and VAT. The income tax law lists...
What is a cryptocurrency? Is it money? Is it an asset? Is it a property, a bond?
What is a cryptocurrency? Is it money? Is it an asset? Is it a property, a bond?
13-07-2020
The point is that there still is no common understanding regarding what cryptocurrency is. The notion is interpreted differently in different countries. In some countries like Japan, Switzerland, and the United Kingdom, cryptocurrency is considered as payment means, however, they are not considered as currency.  In Australia and the United States, they are considered as property,...
Uber in the Czech Republic: obligations and taxes of a driver
Uber in the Czech Republic: obligations and taxes of a driver
22-06-2020
To work with Uber in the Czech Republic, it is necessary to fulfill a number of obligations:  1. To register as an individual entrepreneur:  the provision of transport services is an economic activity and is subject to registration. This type of activity can be registered as the individual entrepreneurship (OSVČ) or a firm and should...
Changes in social and medical insurance payment for entrepreneurs in 2020
Changes in social and medical insurance payment for entrepreneurs in 2020
20-04-2020
Due to the epidemiological situation in the country, the Parliament of the Czech Republic adopted a number of measures that will help entrepreneurs survive the decline in their economic activity in 2020. The changes will be related to social and medical insurance advance payments as well as to the terms of submitting profit reports for...
Information about the coronavirus from the Ministry of Labor and Social Affairs of the Czech Republic
Information about the coronavirus from the Ministry of Labor and Social Affairs of the Czech Republic
17-03-2020
Are you employed in the Czech Republic? The Ministry of Labor and Social Affairs informs regarding your obligations during the COVID-19 outbreak. First, it is recommended that you become familiar with the official Czech Ministry of Health point of view and follow the letter of the law which considers several scenarios for every full-time employee....
Important figures in 2020
Important figures in 2020
28-02-2020
Minimum wage – 14.600, – CZK The size of minimum deductions for health insurance from citizens without income – 1.971, – korunas The average salary for calculating pensions is 34.835, – CZK Minimum business deductions for 2020: Social insurance – 2.544, – CZK (a new amount of contributions is paid starting from April 2020, after...
Tax updates for 2020
Tax updates for 2020
17-02-2020
The new 2020 year brought a lot of changes and updates. Some of them took effect since the 1st of January, 2020; others will come into force after the 1st of May, 2020. We will briefly describe the main news in this article. The increase of a minimum wage since 01.01.2020 This change will influence...
VAT on electronic services in EU. MOSS Scheme
VAT on electronic services in EU. MOSS Scheme
25-10-2019
What is Electronic Service? Four years ago, the European Union has adopted changes to VAT place of supplies rules in relation to electronic supplies, including telecommunication and broadcasting. There are three types of electronic services: Telecommunication services used for the transmission and reception of signals through wires, optical or electromagnetic systems. This can be the services...
The place of cash in financial reports
The place of cash in financial reports
05-08-2019
Despite the fact that the number of transactions carried out in cash among Czech companies and entrepreneurs is decreasing rapidly, they still take place. We live in a digital era ruled by the same digital money, however today we are going to describe the role of cash in financial reporting and accounting, the limits on...
The place of deal and regulations on VAT payment when purchasing goods from other EU countries.
The place of deal and regulations on VAT payment when purchasing goods from other EU countries.
10-07-2019
We will describe a turnover between the Czech Republic and other EU countries in this article. Although the same rules and regulations apply to all the EU countries, there are some nuances in the legislation of a particular country. Today we will look at the situation from the position of the Czech Republic in relation to...
Preparation to a voluntary registration of a VAT payer
Preparation to a voluntary registration of a VAT payer
28-05-2019
Value-added tax (DPH – Daň z přidané hodnoty in Czech) is one of the most important taxes in the taxing system. It is deducted from every item or a service merchandized in the country. This type of tax can be compared with a bearing wall during the construction of the state budget. All companies registered...
A special kind of a VAT payer: identified person to VAT
A special kind of a VAT payer: identified person to VAT
04-02-2019
We already described ways of obligatory registration of a physical or a legal person entrepreneur as a VAT payer in our blog post. Here we will introduce one more way to register as a VAT payer, specifically as an identified person (Czech editor’s note ‘identifikovana osoba’, hereinafter only identified person). What is it and what...