Good governance / Legal Reform and Transparency
This section details initiatives to make government a competitive advantage. It includes analysis and reports of government initiatives, as well as data on accountability and performance measures.
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Spotlight issue
The Ministry of Finance published a draft of the new Accounting Act
On 26 October 2022, the Ministry of Finance sent a draft of the new Accounting Act for the comment procedure. The draft of the new Accounting Act is based on the intended subject-matter that was approved by the government on 5 October 2020. The intended subject-matter was developed by the Ministry of Finance in cooperation with a working group that included experts from both the academic background and accounting and audit practice.
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Antimonopoly Office imposes more fines for obstructing its inspections
The Czech Office for the Protection of Competition has imposed a fine of almost the maximum possible amount (in this particular case) of CZK 22.5 million on an electronics distributor. The Office has already applied a similarly strict fining procedure in recent months against other competitors in at least three other proceedings for obstruction of its local inspections. The Office thus continues its trend of imposing fines at the upper end of the statutory limit. If a competitor breaches its obligation to cooperate with the Office, it can be fined up to 1% of its turnover under the Competition Act, and repeatedly up to 10% of its turnover.
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