Czech Republic Proposes New Tax Measures
(Bristol, UK) - The Czech governmenthas proposed new tax measures including some directed at
reducing tax evasion and avoidance. These new measures were published by the Ministry of Finance
during March 2014 and are slated to come into force either at the beginning of 2015 or 2016, reports
Nair & Co.’s International Tax Services Team.
Some of the significant changes proposed for businesses relate to Value Added Tax (VAT), handling of
bank accounts and others focused on countering VAT fraud and tax evasion. Following is a summary of
some of the significant proposed measures that may affect many businesses:
Value Added Tax (VAT):
An increase in the scope of the reverse charge mechanism.
For the cross-examination of tax (input and output VAT) an electronic evidence system
will be introduced.
Revision and expansion of the definition for "unreliable VAT payers"to include additional
Launch of a central register of bank accounts that would include account owner and transaction
Establishing an online revenue registrationsystem.
Improved tax administration,including electronic analysis of tax filings and increased
collaboration with law enforcement.
Increased cooperation with international administrative bodies improving the exchange of
information pertaining to possible tax avoidance throughtax havens.
Companies having operations in Czech Republic or those planning to establish operations in the country
are advised to carefully monitor progress ofthe above tax proposals.
For more information about doing business overseas or to learn more about our Nair & Co.’s
International Expansion Services team please contact us.
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