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.

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