On 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…
Taxes and accounting
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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…
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Substance a benefit test
Read moreIn the area of transfer pricing, there has been an increasing emphasis on meeting the substance and benefit test, which precedes the actual assessment of the transfer price. Under the substance test, the taxpayer has to be able to demonstrate that the services were actually provided. Under the benefit test, the taxpayer must demonstrate whether…
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Covid support from April 2022
Read moreAt the end of March 2022, the Ministry of Industry and Trade (hereafter to be referred to as “MIT”) published on its website the official calls of the COVID subsidy programmes COVID – 2022 – Sectoral Support and COVID – Uncovered Costs – Sectoral Support. As announced by the MIT in a press release during…
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Lex Ukraine – addressing the situation of refugees in employment, health, social security and other areas
Read moreOn 21 March 2022, (following the (EU) Council Decision) the so-called Lex Ukraine – a set of three laws designed to address assistance to refugees from Ukraine – entered into force. Among other things, they address the legal status of refugees, their employment, access to healthcare, social security or education. The law has been enacted…
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Donations to Ukraine will be tax deductible
Read moreOn 9 March 2022, the Government approved and submitted to the Chamber of Deputies a draft act extending the tax benefits of charitable activities in support of Ukraine’s defence efforts against aggression by Russia (hereafter to be referred to as the “Act”). The Act also implements an income tax exemption on selected donations for recipients.…
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The Country-by-Country Report will be made public
Read moreThe so-called Country-by-Country Report (“CbCR” or “Report”) is one component of the transfer pricing documentation obligation. In the Czech Republic, the obligation to compile the CbCR was implemented in 2017 (for the period starting in 2016) and until now it has been the only mandatory document of the Master file, Local file and CbCR triad.…
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The activity of the financial administration in the context of transfer pricing audits
Read moreIn recent years, there has been an increased amount of interest on the part of the tax administration in the area of transfer pricing. The intensity of audits has been increasing practically continuously since 2014, when the obligation was implemented to complete a separate supplement concerning transfer pricing in the context of corporate income tax…
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