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Keeping you update with the latest news, changes and developments covering tax, accounting and payroll.

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Czech employee business travel allowance rules from 1.1.2017

05-01-2017 Tax Czech Republic

Czech government published updated rates of employee business travel reimbursements valid for year 2017

Changes of taxation in Hungary - January 2017

22-12-2016 Tax Hungary

In accordance with its habit developed in 2015 the Parliament continued the practice of passing the changes to next year’s tax regulations in multiple stages also throughout 2016.

EU customs tariff subject to significant changes from 1.1.2017

21-12-2016 Tax Czech Republic

EU Customs Tariff will change significantly from 2017. With some cancellation of old and introduction of many new codes, as well as with changes in definitions. The changes will affect not only customs clearance but also Intrastat reporting.

Real company owners to be recorded in a registry in Czech Republic

20-12-2016 Tax Czech Republic

Starting from 1 January 2017, companies and trusts have to continuously record up-to-date information for verification of identity of individuals in a position as their real owners.

Proving source of property may be requested by tax authorities in Czechia

20-12-2016 Tax Czech Republic

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

20-12-2016 Tax Czech Republic

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.