Czech Republic Approves Austerity Measures and Amends VAT Laws
• The standard VAT rate has been increased to 21% and the reduced VAT rate to 15%.
• The scope for VAT has been widened, making more customers liable to pay in future.
• The VAT exemption for insurance and re-insurance has been amended.
• The electronic format rules concerning tax documents have been changed.
• VAT returns will have to be filed electronically from 2014.
• Calendar month will be the primary period for VAT payers, however, some taxpayers can also use the quarterly period.
• There is a possibility to receive a final clarification from the tax authorities on whether a supply of scrap metal or waste will or will not be subjected to local reverse charges.
The other important changes include:
• In case where a tax haven jurisdiction is involved, withholding tax on passive income increased to 35% from 15% (for dividends, interest, royalties).
• On income more than 48 times the average wage in 2013 to 2015, there is a 7% “solidarity” increase in individual income tax.
• Concerning excise tax provisions, there are new restrictions on the treatment of “green diesel” under preferential tax treatment in 2013. In 2014 the tax will be abolished.
• The real estate transfer tax rate has been increased from 3% to 4%.
• The limit on premiums of health insurance has been abolished for 2013-2015.
• Basic individual income tax allowance for pensioners has been abolished in 2013–2015.
For more information on this topic email email@example.com
Get the latest press releases and updates on international tax, HR, Finance, compliance and other legal news at Nair & Co. Industry Alerts.
The Czech Republic government has opted for austerity measures and amendments to individual income tax, withholding tax, excise tax and VAT provisions.
Nair & Co.
1250 Oakmead Parkway, Suite 210
Sunnyvale, CA 94085, U.S
This release was published on openPR.
Permanent link to this press release:
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Czech Republic Approves Austerity Measures and Amends VAT Laws here
News-ID: 249949 • Views: 3654
More Releases from Nair & Co.
Luxembourg Implements New Tax Provisions
Luxembourg has implemented various measures with the aim of increasing revenue through taxation. Most of the provisions come into effect from January 1, 2013. The details of the important tax measures are summarized below: For Corporate doing business in Luxembourg: • The surcharge for employment fund has been hiked by two percentage points from 5% to 7%. This would result in an increase in the total tax for the City of Luxembourg, from
Australia Strengthens Data Privacy Laws
France Proposes Changes to Tax Laws for Stock Options
The proposed changes, if implemented, would be applicable to qualified stock options and free shares awarded on or after September 28, 2012. The awards made prior to this date, however, will stay under the existing tax system. Other proposed changes include the new 18 % rate of tax on income which will be applicable on income derived since January 1, 2012, and certain other changes like progressive taxation on capital
Ireland: Taxpayers to Submit Financial Statements in Inline eXtensible Business …
(Sunnyvale, CA)- The revenue department of Ireland declared that it will provide taxpayers the option of submitting financial statements in Inline eXtensible Business Reporting Language (iXBRL) format through the upgraded Revenue's On Line System (ROS), to make the inspection process efficient. Similar facilities will also be available for income tax payers from January 1, 2013. Financial statement submission in iXBRL format is voluntary in the beginning, but will be made mandatory