Czech Republic: Tax measures approved

Alessandro PasutA change in claiming VAT in real estate transfers has been approved. From 1 January 2014, transfers of plots on which structures or underground utilities have been erected will be subject to the same VAT regime as transfers of buildings. In the framework of the tax on the acquisition of immovable property, the Senate has changed the Government proposal by stating that the tax in a purchase or a transfer of real property will continue to be paid by the transferor. The acquirer will pay the tax only if agreed by the contracting parties. In other cases, such as auctions or contributions made to companies, the acquirer will be the payer of tax. The Senate also approved the concept of a liability for unpaid VAT when making payments to a bank account other than the one published by the tax authority. The liability will apply only to payments exceeding CZK 700,000.

 

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