For a debt to be recognized as valid, the debtor must acknowledge it in writing to the creditor, indicating the reason and amount. Let’s look at the elements of a debt receipt, the most common mistakes when drafting it, and the specifics of the repayment plan agreement. Why the Debt Recognition is Important Section 2053 […]
Czech law imposes restrictions on profit payments to protect the company’s financial stability and creditors’ rights. A limited liability company (s.r.o.) is one of the most common forms of doing business in the Czech Republic, popular due to its flexibility and relatively simple management. This article delves into a crucial aspect of LLC activity: the […]
Tax audits are a reality for all businesses operating in the Czech Republic, irrespective of size or industry. This guide will shed light on the different types of tax audits, their procedures, and how you can proactively prepare for them. Tax audits in the Czech Republic are governed by the Tax Code (Law No. 280/2009). […]
Individual organizations in the Czech Republic are required to publish their financial statements in a public register of documents. If a registered entity fails to comply with this obligation, they may face a fine of up to CZK 100,000 or even liquidation. Who is required to publish financial statements in the Czech Republic? Individuals and […]
On July 1, an amendment to the law on basic registers was enforced in the Czech Republic. The new law permits the electronic issuance of powers of attorney. The paper form of power of attorney will also remain, but now people will be able to choose between a digital and paper form. The Advantages of […]
A hacker attack made the Tax Portal and other financial management web services unavailable. Monday, July 1, was the last day to file an income tax return through a tax advisor, but the department said filers will only face penalties on Tuesday, July 9.
Employers in the Czech Republic have new responsibilities starting in July. They must now register all employees working for them under a work contract (Dohoda o provenení práce, DPP) and report the income received under such contracts.
On June 12, the Czech government approved an amendment to the VAT Law that simplifies the turnover calculation and determines the need to register for VAT. The key changes include the calculation of the turnover limit for mandatory registration as a VAT payer for the calendar year, instead of the previous 12 consecutive months. A […]
It’s been nearly two years since the Czech Republic banned telemarketing, but unwanted phone offers haven’t disappeared entirely. How can you effectively resist these annoying calls and even get compensation? On July 1, 2022, Law No. 374/2021 Coll. on Electronic Communications came into force, introducing a complete ban on telemarketing and imposing heavy fines for […]
A tax entity in the Czech Republic that has the right to access the tax information box may also allow another individual to access it. However, to gain access to the DIS, an individual needs to provide their identity. A person with authorization to access a taxpayer’s tax information box must decide how much access […]
Thorough due diligence before purchasing a company is an important step to help identify risks. This analysis, called due diligence, focuses on financial, legal, and tax aspects. This enhances the buyer’s comprehension of the company’s assets, debts, business partners, and other aspects. If you need assistance with analysis, please get in touch with our company. […]
Renting out real estate is the most common passive income for individuals in the Czech Republic. However, there is a distinction between renting out real estate and providing accommodation services. Read about the differences between these two situations, including practical examples. The main advantage of renting out real estate is the regular, stable income that […]
The obligations for notifying a foreign worker or EU citizen are changing. You can now submit such notifications only in XML format. Additionally, it introduces three different reporting methods, as well as entirely new concepts. Starting in July 2024, the Czech Republic will require electronic communication to meet businesses’ information responsibilities when employing international workers. […]
An amendment to the anti-money laundering law (Law No. 253/2008 Sb.) was enforced in the Czech Republic at the start of May, introducing new obligations for persons providing services related to virtual assets. Such persons also include those who manage assets through investment funds. What new obligations will arise with the amendment to the Anti-Money […]
