As of 1st January 2021, the new institute of the so-called meal voucher flat fee was added to Czech legislation. In view of the fact that we are often asked by our clients as to its advantages or possible pitfalls, we would like to put forward several arguments which should be taken into account when…
Opinions and comments
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Impact of the COVID-19 pandemic on the real estate market
Read moreThe COVID-19 pandemic has for several months been influencing all aspects of people’s lives. We have prepared for you an analysis of the impacts of the pandemic, focusing on estimates regarding the development of the economy and the impacts of COVID-19 on individual segments of the real estate market. Making predictions at this time would…
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Abolition of real property transfer tax and the impact on the structure of real estate transactions on the Czech market
Read moreIn September, Act No. 386/2020 coll. was declared, by which, among others, real property transfer tax (a form of the previous real estate transfer tax) was excised from the Czech tax system. Whilst among individuals this benefit has partially been “redeemed” by other disadvantages (e.g. tightening the test for exemption of real property sales from…
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Planned changed in the area of property amortization
Read moreIn September 2020, The Budget Commission recommended not only that the Chamber of Deputies of the CR pass the government package for 2021, but likewise inserted its change proposals into it – among others, they concern changes in the area of property amortization. These are intended to support entrepreneurial subject investment. One of the proposed…
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Sale of leased real estate without VAT
Read moreAt the Coordination Committee on 9 September 2020, a contribution compiled by our colleagues, specifically, Jana Jirmásková and Filip Oudes was approved by the representatives of the Ministry of Finance and the Directorate General of Public Finances. A Coordination Committee is a platform between the mentioned fiscal authorities and the Chamber of Tax Advisors. The…
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Exchange differences on receivables and obligations
Read moreFollowing the preparation of the financial statements, a number of accounting entities have questions about how to correctly manage the calculations of foreign currency receivables and obligations using the current exchange rate of the CNB. There has recently been a discussion among professionals on whether Czech accounting is in some of its provisions contrary to…
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The most attractive sectors in terms of achieved transaction multiples
Read moreTPA has finished the analysis of the attractiveness of sectors in terms of transaction multiples achieved in Europe in the last ten years. The analysis was based on transaction data from the Mergermarket database which collects information on finalised M&A transactions. The highest transaction multiples, if we omit investment in real estate, are achieved in…
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Profit Distribution Later Than 6 Months After the End of the Accounting Period
Read moreWe would like to inform you about a significant change in legal expert opinion concerning the possibility of distribution of profits based on an annual general meeting decision even later than 6 months after the end of the accounting period. This is described in the second edition of the commentary to the Act on Business…
Why do we need a new Accounting Act?
Reflections by Jana Skalová Why do we need a new Accounting Act? As many of you know, at the end of last year, a new draft Accounting Act was published. Since then, I have seen intense interest from our clients in the new developments that this Act will bring, as well as some fear of…