Good governance / Tax & Finance
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
Donations to Ukraine: Does VAT obligation arise?
The General Financial Directorate has issued summary information on VAT implications of making donations to support Ukraine. While for income tax, Czech laws can be amended to respond flexibly, the situation is rather more complicated for VAT, as the possibilities to deduct VAT are based primarily on harmonised EU legislation.
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Research & development tax allowance – still one of the most popular subjects for tax audits
The research and development (“R&D”) allowance is a tax allowance that can reduce an organization’s corporate income tax base. R&D activity differs from other common business activities by the presence of an appreciable element of novelty as well as research and technical uncertainty. But the fact that the element of novelty and research and technical uncertainties are not sufficiently defined in Czech legislation was confirmed by the Supreme Administrative Court back in 2015 (decision no. 10 Afs 24/2014-119 dated 11 June 2015). The Supreme Administrative Court also stipulated that correct application of these concepts may change depending on circumstances.
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How to tax income from cryptocurrencies held by a natural person?
With the deadline for filing personal income tax returns approaching as early as 1 April 2022 for paper filing and 2 May 2022 for electronic filing, many taxpayers may be wondering how to handle the taxation of cryptocurrency income.
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