The Czech Republic's Finance Ministry is facing criticism for its proposal to change the Value Added Tax (VAT) system and revise VAT rates.
According to a plan by the Finance Ministry, there would only be two VAT rates instead of three. There would only be 14 percent and 21 percent rates, as opposed to the current rates of 10 percent, 15 percent, and 21 percent.
What else?
What does the ongoing discussion in Czechia over VAT represent for consumers?
Public
DEMO - Czech Republic
Author: Kristina Dosen
Category:
Fiscal subject related
Views:
588
Content accuracy validation date:
25.04.2023
Content accuracy validation time:
08:11h
The proposed changes have raised concerns about potential fraud and an administrative burden on small businesses. The Confederation of Industry, which represents large companies, has criticized the plan, arguing that it would lead to increased bureaucracy and administrative costs for companies, and could also lead to higher tax evasion.
The Finance Ministry has defended the proposed changes, arguing that they are necessary to combat tax fraud and bring the Czech Republic in line with European Union regulations. The ministry has also claimed that the changes would simplify the VAT system and reduce the administrative burden on companies.
Other news from DEMO - Czech Republic
Correction of the tax base and other changes in Czech Republic in the area of VAT from 2025
Public
Author: Ivana Picajkić
Starting in 2025, several significant changes to Value Added Tax (VAT) regulations will be implemented, including extended deadlines for tax base corrections, new VAT registration limits, simplified procedures for bad debts, and adjustments related to real estate transactions. The changes are as following: Corrections to the Tax Base: The period for correcting the tax base will extend from 3 ye... Read more
New document was uploaded: Recorded webinar: E-invoicing for Global Retailers
Public
All countries
Author: Kristina Dosen
If you are struggling with complex e-invoicing implementations across multiple countries, and if you are concerned about mounting costs, potential delays, or compliance risks, our webinar will help you to learn how global retailers can streamline e-invoicing efficiently! With countries worldwide mandating e-invoicing, international retailers face unique challenges adapting to new regulations acros... Read more
Apple's Tap to Pay software, which allows sellers to accept cashless transactions without a payment terminal, has just arrived in the Czech Republic
Public
Author: Ivana Picajkić
Tech company Apple has significantly simplified payment processes for small businesses and consumers across the country by making its Tap to Pay service available in several European nations, including Czechia. Launched in 2022, Tap to Pay now complements the Czech Cvak service as a modern solution for cashless transactions that does not require a traditional payment terminal. With Tap to Pay, iPh... Read more
New document was uploaded: Recorded webinar: It’s time to grow together
Public
Author: Kristina Dosen
In this discussion, we have introduced our new partner program and what is essential for international growth, while dealing with topics such as - Success factors for POS applications - What does globalization mean? - How to grow globally? Furthermore, we presented benefits for our partners. Last but not least, we presented our fiscal cloud architecture and its important features.You can down... Read more
ViDA implementation is likely to be postponed.
Public
Author: Kristina Dosen
The European Union (EU) may postpone the implementation of its ambitious VAT reforms for the digital economy by one year, according to a proposal from a key parliamentary committee. The VAT in the Digital Age (ViDA) proposal, which was unveiled by the European Commission in July 2020, aims to modernize and simplify the VAT rules for online businesses and platforms and to introduce mandatory digit... Read more
The digital euro is coming
Public
Author: Kristina Dosen
In June, the European Union should receive its first legal proposal on the digital euro. The launch of the digital euro could be a reality in three or four years if the Bank's Board of Directors decides in October to start the preparatory phase and testing of the digital euro. This phase can last two or three years. The digital euro is needed not only to preserve financial stability but also to s... Read more
European Union to introduce custom duties for products cheaper than 150 EUR
Public
Author: Kristina Dosen
The European Commission has proposed a reform of the customs rules in the Union, which, among other things, provides for the introduction of customs duties for products whose value is lower than 150 euros. The proposed reform abolishes the current threshold on the basis of which goods with a value of less than 150 euros are exempted from customs duty, which was widely exploited by fraudsters. The... Read more