Taxes and accounting

  • The COVIDII loan program

    15. 4. 2020 Ludmila Benešová

    After significant interest in the COVID I loan program, Českomoravská záruční a rozvojová banka (“ČMZRB”) has, together with the Ministry of Industry and Commerce (MIC), decided to announce the COVID II program. These are loans for subjects whose economic activities have been limited as a result of the coronavirus infection. In contrast to COVID I,…

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  • Questions and answers in connection with coronavirus no. 6

    7. 4. 2020 Ludmila Benešová

    The possibility of claiming tax losses retrospectively The Ministry of Finance has prepared the first proposal of an Amendment to the Income Tax Act, which is to ground the possibility of claiming tax losses for individuals and corporations retrospectively for the two years preceding 2020. Let us therefore examine, in a question and answer form,…

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  • Questions and answers in connection with coronavirus no. 5

    6. 4. 2020 Ludmila Benešová

    Specification of answers In the Special Newsletter edition No.3 from 23.3.2020, we did not answer question no.27 precisely. We apologize and now publish the correction. Under what conditions can an employer order an employee to take their leave? An employer can only order leave-taking in writing at least 14 days in advance, unless a shorter…

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  • Recapitulation of government measures to support entrepreneurs

    26. 3. 2020 Ludmila Benešová

    In this newsletter we recapitulate the government measures to support entrepreneurs as per 24th March 2020. 1. Employers and employees Compensation of paid salaries The government has approved the proposals by the Ministry of Labour and Social Affairs to support employees and employers in the context of the “Antivirus” program. Through the Employment Office of…

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  • Questions and answers in connection with coronavirus no. 3

    24. 3. 2020 Ludmila Benešová

    21. Is it possible to work from home during quarantine? Is it possible to work whilst caring for a child? Yes, if the employee’s health (or situation concerning childcare) does not preclude this, it is possible for the employee to agree with the employer to work at home. In such a case it applies that,…

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  • Questions and answers in connection with coronavirus no. 2

    20. 3. 2020 Ludmila Benešová

    11. We have compiled the financial statement as at 31. 12 2019 and in April we are preparing to have it approved by our shareholders. Can the shareholders decide on a payment of dividends? Yes, they can. At present, however, the Act on Business Corporations is more relevant than usually, as it has determined that…

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  • Questions and answers in connection with coronavirus no. 1

    19. 3. 2020 Ludmila Benešová

    In connection with the current and entirely unprecedented situation, the Ministry of Finance has issued the “Ruling to Pardon Tax Accessories and the Administrative Fee due to Exceptional Events” (hereinafter to be referred to as “the Ruling of the Minister of Finance”). At the same time, we can read on the pages of the Ministry…

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  • Examples of Calculating the Limits of Excess Borrowing Costs

    10. 7. 2019 Luboš Balek

    A lot of taxpayers are preparing for the application of the new rules introduced in the Income Tax Act by its latest amendment, i.e. Act 80/2019 Coll., on limiting the tax deductibility of excessive borrowing costs. Section 23e of the Income Tax Act stipulates that the amount of borrowing expenses (less borrowing income) that exceeds…

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  • Changes of taxation of employees subject to social and health insurance payments abroad

    18. 4. 2019 Jan Soška

    We would like to inform you about a recent amendment of the Income Tax Law effective since 1st January 2019. It introduces changes in calculation of the tax base for employees who are subject to social and health insurance payments in another EU country, country of European Economic Area (EEA) or Switzerland. Until the end of…

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  • Exchange differences on receivables and obligations

    12. 2. 2019 Markéta Schück

    Following 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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