Competitiveness / Tax & Finance
This section feature research, opinion and progress reports on how the Czech Republic compares to other EU countries economically. It includes analysis of international rankings such as the WEF and World Bank.
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We are such a concierge in the world of insurance, says the Global Services Director of the largest insurance broker in the Czech Republic
From the Brno branch to the head of the team that takes care of the insurance of multinational clients around the world in less than seven years. Michal Holzer, the Global Services Director at RENOMIA, is a good example of the fact that if you have the talent and can succeed, your possibilities in this company are virtually limitless. Michal is a person who believes in the power of self-reflection, does not like routine procedures if they are no longer functional, is open to new things and is looking to work with people who want to develop further. He is not afraid to say that insurance is a sexy industry that will get you closer to almost every human field.
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In 40% of Czech FIs you can use biometric data, biometric signature most of all
Based on analysing institution’s statement about data protection and sensitive data processing on the Czech market, 40% of FIs are using various biometric data in general. Additionally, 33% of the FIs are specifically processing biometric digital signatures. Out of all Czech FIs that use biometric data, only 7% of them are related to facial biometrics and 13% to voice biometrics. The banking sector has been very conservative, and many traditional institutions are still building on this value. However, the pressure of non-banking institutions and customer requirements force this sector to accept the latest technologies and make the best use of them in their business.
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Closing accounts as the preferred SPA in the Czech Republic
When selling companies in the Czech Republic, parties prefer to determine the purchase price on the basis of the financial statements prepared at the date of the company’s takeover by the new owner, the so-called closing accounts. When negotiating a Share Purchase Agreement (SPA), this purchase price mechanism was chosen for 71% of deals. This results from the latest Deloitte study Deal making in the Czech Republic summarising selected data from significant transactions over the last few years.
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European Commission’s first plans for tax reform within the EU
In mid-July, the European Commission published a first draft of a new tax package aimed to boost the economy and create fair and simple taxation rules within the EU. A more detailed version will be published at the end of 2020, should the OECD’s initiatives mainly regarding corporate and digital tax fail to be implemented.
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Central and Eastern European Tax Guide 2020
Welcome to Mazars’ eighth annual Central and Eastern European tax guide. Our main purpose is to provide you with an overview of the tax systems in the CEE region. We strongly believe that this publication will help investors understand the complexities of the various CEE tax regimes, as well as highlight the latest developments and trends characterizing the tax regime of a given country.
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