Czech Republic: Tax measures approved by the Senate

Alessandro PasutThe Senate approved a number of motions prepared by the Ministry of Finance to amend the draft legislation accompanying the recodification of the Civil Code.
The Senate agreed to retain the regulations currently applicable to investment funds, i.e. a 5% corporate income tax on investment funds and a 15% withholding tax on payment of profit shares will both continue to be applied in the following year. Investors who are legal entities and meet the criteria set by the directive on taxation of parent companies and their subsidiaries will again be allowed to claim an exemption from tax on these equity investments.
Among other significant issues approved by the Senate were the integration of an inheritance and gift tax into the Income Tax Act, an extension of the deadline for exempting the income of individuals from the sale of securities from tax from six months to three years, an increased support for research and development, the simplified creation of adjustments to receivables, an increase in the maximum limit for the deduction of public-benefit gifts, a new deduction to support professional education, and an increase of the tax-deductible incentives per pupil or university student.


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