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Czech Republic Proposes New Tax Measures

The Czech government has proposed new tax measures including some directed at reducing tax evasion and avoidance.

SUNNYVALE, Calif. - April 10, 2014 - PRLog -- 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 categories.

* Launch of a central register of bank accounts that would include account owner and transaction details.

* 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 (http://www.nair-co.com/expanding-business-overseas.aspx) or to learn more about our Nair & Co.’sInternational Expansion Services (http://www.nair-co.com/) team please contact us (http://www.nair-co.com/global-offices.aspx).

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Get the latest news releases and updates on international tax, HR, Finance, compliance and other legal news at Nair & Co. Industry Alerts (http://www.nair-co.com/newsandannoucement.aspx).

About Nair & Co.

Nair & Co., the leader in international business expansion services, provides accounting, HR, legal, tax and compliance services for the set up and management of your international operations. Our model of a single-point-of-contact, supported by internal teams of experienced advisors, helps clients expand business and manage risk so they can focus on their core business and sustain growth with minimal risk, stress and cost. We support nearly 250 clients in over 70 countries. Nair & Co. is headquartered in Bristol, UK, has 450 employees and offices in China, India, Japan, Singapore, and the US. Learn more at www.nair-co.com

Media Contacts: For media enquiries or to learn to more about Nair & Co., please email us at media@nair-co.com or call Yvonne Smith at +1.408.501.8867

Yvonne Smith

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Source:Nair & Co.
Location:Sunnyvale - California - United States
Tags:Czech New Tax Measures, Tax Evasion And Avoidance, unreliable VAT payers, International Tax Services

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