• Service: Tax, Global Indirect Tax, Global Mobility Services, International Tax
  • Type: Regulatory update
  • Date: 7/18/2014

Czech Republic - Pending changes for VAT, investment fund managers 

July 18: Pending or draft legislative proposals in the Czech Republic include:
  • Proposal to revise the income tax law to allow for the waiver of penalties and interest
  • Proposal to require a “review statement” listing information on taxable supplies—i.e., subject to value added tax (VAT)—and that taxpayers would file with their tax return
  • Proposal to require specific information concerning the position of investment fund managers

Read a July 2014 report(PDF 172KB) prepared by the KPMG member firm in the Czech Republic: Financial Update (July 2014)

Other topics discussed in this KPMG report include:

  • Supreme Administrative Court on the importance of accounting records in the determination of tax, highlighting that accounting records are one of the primary means of evidence
  • Tax legislation imposing a duty on Czech companies to make pre-payments of individual (personal) income tax on behalf of employees hired via foreign staffing agencies that conduct business through branches and whether this is at variance with the free movement of services

©2014 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

The KPMG logo and name are trademarks of KPMG International.

KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever.

The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.

Direct comments, including requests for subscriptions, to
For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at:

+ 1 202 533 4366

1801 K Street NW
Washington, DC 20006.


Share this

Share this


Subscribe to receive the latest TaxNewsFlash email alerts (you must select the option for TaxNewsFlash)

Already a Subscriber? Login

Not a member? Subscribe now