Czech Republic: Income tax prepayments

Income tax prepayments. According to a information published at the end of January on the website of the Ministry of Finance, prepayments for personal and corporate income tax for 2010 have to be made within the deadlines established by law, that is, on a quarterly and semi-annual basis. The cancellation of the obligation to make prepayments was only effective in 2009. However, in special cases there legal entities and individuals (natural persons) may still ask the tax administrator for a different setting of the prepayments. There is also an option for the tax administrator to cancel the obligation to make the prepayments.
Concerning prepayments, taxpayers whose latest known tax liability amounted from CZK 30,000 to CZK 150,000 are obliged to make the semi-annual prepayments amounting to 40% of their latest know tax obligation. Taxpayers whose latest known tax obligation exceeded CZK 150,000 are to make prepayments on a quarterly basis in the amount of 25% of their latest known tax obligation. Taxpayers whose latest known tax liability did not exceed CZK 30,000 do not have to make any prepayments.

Daily allowances. The Ministry of Finance issued a new regulation on daily meal allowances. From 1 January 2010, the daily meal allowances for domestic business trips will be increased by an amount ranging from CZK 1 to CZK 2 for various durations. For 2010, the basic rate of compensation for using personal cars remains at the level of 2009 which is CZK 3.9 per kilometre of the journey.

Company law. In December an amendment to the Commercial Code came into effect regard­ing the General Meetings of joint stock companies. Under the new rules, shareholders can now be represented at a General Meeting by a member of the Board of Directors or the Supervisory Board of the relevant company. In a limited liability company, the owner may be repre­sented by the statutory executive.
According to the change to the Commercial Code, the Articles of Associa­tion of a joint stock company may change allowing for the participation of shareholders in a General Meeting by electronic meth­ods (e.g. via video conference) or voting by mail. As of December 2009, shareholders do not have to exercise voting rights relating to all of their shares in the same manner.


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