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Articles

Tax updates for 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
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
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...
Preparation to a voluntary registration of a VAT payer
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
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
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...
Cryptocurrencies and taxes in the Czech Republic
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 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 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
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...