Czech VAT compliance changes
- Jan 21, 2013 | Richard Asquith
Below is a summary of other key changes:
- Compulsory e-filing of VAT returns and related declarations from 2014 for Czech VAT compliance.
- VAT registered businesses may use European Central Bank exchange rates for conversations of VAT due from Czech Crowns into Euro’s.
- Restriction of the ability to reclaim VAT on bad debts to only when the customer is in bankruptcy status
- All newly VAT registered business will be required to report on a monthly basis
- The introduction of a ‘unreliable VAT payers’ database, a publically-available list of EU VAT registered businesses which are not up-to-date with VAT settlements
- Recognition of Czech branches for the purposes of determining is a tax permanent establishment exists when considering the VAT place of supply.
- New business control requirements for invoices, both hard copies and e-invoices. The helps integrate the latest EU VAT Invoice Directive into Czech Law.