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It’s useful for all tax-paying residents of the Czech Republic to know that if you didn’t manage to file a tax return before 3.4.2023, for any reason, don’t be upset since there is one more opportunity to avoid any penalties! You can submit a report in electronic form until 2.5.2023. And we’ll show you how... Read more »

In this article, we’ll go over the various kinds of taxation on investment income, such as dividends, interest on deposits, debt holdings, P2P loans, sales of shares, cryptocurrencies, real estate, and several other investment vehicles. Income from the investment categories mentioned can be divided into two groups: Income from ownership, §8 of the Income Tax... Read more »

From 1 January 2023, the minimum wage has been increased by 1.100 CZK to 17.300 CZK. This base minimum wage is set for a full-time job, i.e. 40 hours of working time per week. For non-employment contracts (DPP, DPČ), the hourly minimum wage is used instead of the monthly minimum wage, which in 2023 is... Read more »

Who needs our services? Small businesses that don’t want to take on the set costs for full-time employees or businesses that don’t need a permanent financial or staffing position Medium and large businesses needing temporary support or replacement for existing employees When is a “Temporary Accountant” Needed Temporary replacement (Situations where your accountant has fallen... Read more »

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... Read more »

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... Read more »

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... Read more »

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... Read more »

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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... Read more »

The main benefit for registering an individual entrepreneur in the Czech Republic The magic of the lump-sum tax system in the Czech Republic is that you do not need to collect evidence of your expenses at all. IT expenses are automatically considered equal to 60% of the number of invoices issued. The main benefit to... Read more »

Why do I need advice on IT taxation and income from investments and cryptocurrencies? IT specialists are often subject to a degree of foreign economic activity, and this imposes certain obligations that are often only uncovered through a consultation with a qualified accountant — international VAT, invoicing outside the EU, OSS, IOSs, etc. All our... Read more »