As you may have noticed, a proposed new Accounting Act is being discussed in the Czech Republic, with planned implementation as of 1 January 2024. Although 2025 seems more realistic, the new Act is highly esteemed by Czech accounting professionals. TPA have written about the reasons for the new Accounting Act here: https://blog.tpa-group.cz/en/taxes-and-accounting/why-do-we-need-a-new-accounting-act/. We have…
Taxes and accounting
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The impact of the energy crisis on transfer pricing
Read moreOn 20 December 2022, the General Financial Directorate of the Czech Republic (hereafter “GFD”) issued a statement addressing the impact of higher energy prices in the context of transfer pricing issues. The statement was particularly relevant to low-risk entities in the group where prices for services provided are set using the cost-plus method. Energy costs…
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Petr Karpeles as a guest on the Pro(fi) Accountant podcast
Read morePetr Karpeles was Libor Vasek’s guest on the Pro(fi) Accountant podcast. You can listen to the podcast here. In December 2022, he accepted two awards as a partner of the TPA Group, namely for the first place in the Accounting Firm of the Year 2022 competition and for winning the Best Tax and Financial Advisor…
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Photovoltaics – What should you know before investing?
Read moreToday, you would be hard-pressed to find (not just a real estate) company whose management would not consider investing in solar panels in response to the extreme volatility in the energy markets. The benefits are obvious: You will save money by reducing the amount of electricity you use, you will reduce your carbon footprint, and…
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TPA is the winner of the Accounting Firm of the Year 2022 competition
Read moreLeading advisory firm TPA is the winner of the Accounting Firm of the Year 2022 competition, which annually recognizes companies in the area of accounting. TPA operates in the areas of accounting, tax advisory, audit, valuation and acquisition advisory. In addition to providing the highest level of expertise in all the areas mentioned, the company…
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Windfall tax
Read moreOn 24 November 2022, the Senate approved a tax package that, among other things, introduces a so-called windfall tax or windfall profits tax based on the parameters of the European Union regulation. The bill will now be given to the president for his signature. The temporary windfall tax would apply from 1 January 2023 for…
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New Accounting Act – changes in the obligation to audit financial statements
Read moreThe published draft of the new Act on Accounting envisages changes in the obligation to audit individual financial statements, i.e., in the scope of the range of accounting entities that will be subject to audit. In view of the sensitivity of the topic, the text of the law proposes two alternative solutions. The first alternative…
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Changes to agreements on work outside the employment relationship
Read moreThe forthcoming amendment to the Labour Code brings changes to the regulation of agreements on work activity and agreements on work performance. Probably the most significant change is the entitlement to paid leave of employees working under an agreement. The method of calculating the entitlement will be identical to that of an employment relationship, i.e.,…
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Draft amendment to the Labour Code for the “Home Office”
Read moreCurrently, the amendment to the Labour Code is to introduce, among other things, the regulation of telework, so-called “Home office”. The performance of remote work will be possible on the basis of a written agreement between the employee and the employer. If an employee requests telework and the employer decides not to comply, the employer…
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…