Proving source of property may be requested by tax authorities in Czechia
Beginning from December 2016 the Tax Authorities may under certain circumstances request a tax payer to prove source of property. Undeclared income may be taxed at double of regular tax rate.
VAT rate reduction for restaurants and printed media in Czechia
VAT rate reduction from 21% to 15% is applicable for meals served in restaurants from 1 December 2016. From 1 January 2017 extra reduced rate of 10% also applies on newspapers and magazines.
Standard Audit File in Poland - significant changes from 1 January 2017
From 1 January 2017 most taxpayers in Poland are oblige to provide VAT data in a unified format – the Standard Audit File for Tax (SAF-T).
Changes in the liability rules concerning the posting of workers in the framework of the provision of services in Hungary
Effective as of 18 June 2016 the regulations of the Hungarian Labour Code governing the liability and administration rules on the posting of foreign workers in Hungary were modified with a view to harmonisation with EU legislation.
On changes of taxation in Hungary
As in the previous year, the Parliament has passed the changes to next year’s tax regulations surprisingly early. In our current newsletter we are going to review the more important amendments adopted on 7 June 2016.
Increase of child tax credit in Czech Republic
Highly expected tax amendment was implemented on 1 May 2016. Tax credit for second, third and any following child increases.