Articles

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...
Income from real estate rent. Optimization and tax benefits
Income from real estate rent. Optimization and tax benefits
21-01-2019
Do you plan to rent your apartment/house out but still have concerns regarding taxes? Then this material is exactly what you need. In this article, we will describe such a type of rental property, when an apartment owner rents it out as an individual without opening a business license. First, let’s turn to the tax...
The minimum salary in the Czech Republic is growing again. Depending on the category, from 13 350 CZK to 26 700
The minimum salary in the Czech Republic is growing again. Depending on the category, from 13 350 CZK to 26 700
12-12-2018
Another wave of increase in the minimum wages in the Czech Republic for all categories will influence not only 150 000 employees, but also, for instance, recipients of the tax discounts or private entrepreneurs who make minimum mortgage payments for health insurance. Reasoning The minimum wage at the beginning of 2019 will increase for the...
Cryptocurrencies and taxes in the Czech Republic
Cryptocurrencies and taxes in the Czech Republic
07-09-2018
Tax policy of the Czech Republic regarding cryptocurrencies, mining cryptocurrencies and selling merchandise and services for cryptocurrencies. All the mentioned points are described in this article. Methodological introduction. The concept of “cryptocurrency” Currently, there are more than 1000 virtual or digital “currencies” also called cryprocurrencies (“kryptoměny (KM)” in Czech) in the world. The most popular ones...
Minimum wages according to professions
Minimum wages according to professions
13-06-2018
Minimum wages in the Czech Republic were increased to 12 200 CZK in 2018. An increase in this value naturally leads to an increase in minimum possible deductions for medical insurance. They are equal 1647 korunas now. Even if an employee works under the contract on a part-time employment and earns 2000 or 3000 korunas...
Who should make advanced payments on income taxes?
Who should make advanced payments on income taxes?
17-05-2018
Who exactly should make the advanced payments on income taxes in the Czech Republic, what are the payments due dates and what are the risks for ones who ignore the obligation to pay? We will shed the light on these questions in this article. The tax obligations for some tax-payers are not limited by submitting...
Children tax benefits in Czechia
Children tax benefits in Czechia
08-03-2018
This is about tax benefits for children and changes in providing the tax bonus. This important news was introduced by the Czech Ministry of Finance along with the revised Law on State Social Support. It means that parents will be able to save on income taxes in 2018 more than they did in the previous...
Great news for the parents of preschool children!
Great news for the parents of preschool children!
19-02-2018
The maximum tax benefit that can be used by parents whose children attend preschool institutions in 2017 was increased to 1100 korunas for each child. The maximum discount in 2017 was 11 000 korunas, comparing to 9900 korunas available for taxpayers in 2016. When completing the Declaration on Income Tax from the Population for 2017...
Innovation in the Czech Republic: company owners are to be added to the General Register
Innovation in the Czech Republic: company owners are to be added to the General Register
16-01-2018
As always, January brings legislative changes. One of them was the Law on public registering of legal entities and individuals that came into force on January 1, 2018 (the law was approved as early as the autumn of 2016). Companies and other legal entities do not have the right to conceal the information about their...