Czech Republic: Miscellaneous

Criminal liability of legal persons. As of 1 January 2012 the concept of criminal liability of legal persons is valid for all Czech legal persons and entities that do business on the territory of the Czech Republic. It also applies to offences committed abroad. Under the new rules the company is responsible if it commits an offence in its own name or in the framework of its activities or if it is committed by an employee authorised by the statutory authority.

This concept refers, in particular, to offences against property (e.g. fraud) and to economic offences (reduction of taxes, the non-payment of taxes, insurance premiums on social security and similar obligatory payments, etc.). Legal persons can be punished by the confiscation of property, a financial penalty or even dissolution of the legal person, the prohibition of the performance of public contracts or the prohibition of the acceptance of grants and subsidies.

Corporate income tax. As of 2012 the remuneration of members of the statutory bodies is a tax deductible expenditure. This possibility applies to remuneration paid to members of the Board of Directors of joint stock companies and the Board of Directors of cooperatives.

The regulation of deadlines for filing tax returns in the case of company transformations where the decisive date of a transformation is not the first day of the calendar or fiscal year has been amended many times in the Income Tax Law. Before 14 July 2011, the deadline for filing a tax return was the end of the month following the month in which the general meeting approved the transformation. The amendment that became effective on 15 July 2011 adjusted this deadline by extending it to three months. The most recent amendment in effect since 1 January 2012 adjusts the deadline back to a one-month period, although it is likely that this may be a legislative error.
The amendment to the Transformation Act introduces the possibility to take advantage of tax losses in the case of cross-border transformations. The deadlines for submitting a tax return for a cross-border split and for cases where the decisive transformation date follows the date of decision of the general meeting concerning the approval of the transformation are amended.

VAT. The Ministry of Finance is currently working on a draft amendment to the VAT Law scheduled to come into effect on 1 January 2013. The amendment being prepared should implement some requirements of European legislation, and address existing problems in applying the present Act.

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