Articles

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

Starting from January 1, 2021, Czech individual entrepreneurs will be able to voluntarily choose a new system of paying for the income tax and transferring monthly premiums to social and health insurance funds. This means there will be one combined payment instead of three (as before); and there will be no need to file your...