Czech Republic introduces electronic VAT returns 2014
- Feb 18, 2014 | Richard Asquith
Following an ordnance issued in 2012 Czech VAT registered businesses must complete online returns from the start of 2014 with the Ministry of Finance.
Czech VAT returns are submitted monthly, except for businesses with a taxable turnover below 10,000,000 per annum. Newly registered companies are generally required to file monthly for at least the first year. Returns must be filed by the 25th of the month following the report period, and payments made simultaneously in Czech Crowns.
There is an exemption for smaller companies with annual sales below CZK 6,000,000. This follows a similar measure to make Belgian VAT electronic returns compulsory this year too.
Czech VAT (Dan z pridane hodnoty) is levied at 21%. Czech VAT was increased from 20% in 2013. There is also a reduced VAT rate of 15%