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| June 20, 2017

Tax Package to Take Effect July 1st, 2017

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June 20th, 2017

The tax package, often called “the act which changes some laws in the field of taxation”, was published in the Collection of Laws under reference 170/2017 on June 16th, 2017. In compliance with Czech law, the package will take effect on the 15th day after having been published in the Collection, that is July 1st, 2017.

The most important changes include the lowering of flat-rate expenditure for entrepreneurs inter alia, the rise of tax bonus for the second and third child, the introduction of the institute of the unreliable person within VAT, or the possibility of deduction of technical upgrading by any authorized user of property.

The tax package, which was – contrary to tradition – published more than two months later after it had been adopted, brings a lot of difficulties. However, due to the fact that it takes effect at the beginning of a new quartal makes it less complicated for quarterly payers of VAT.