Articles

VAT on electronic services in EU. MOSS Scheme
VAT on electronic services in EU. MOSS Scheme
25-10-2019
What is Electronic Service? Four years ago, the European Union has adopted changes to VAT place of supplies rules in relation to electronic supplies, including telecommunication and broadcasting. There are three types of electronic services: Telecommunication services used for the transmission and reception of signals through wires, optical or electromagnetic systems. This can be the services...
The place of cash in financial reports
The place of cash in financial reports
05-08-2019
Despite the fact that the number of transactions carried out in cash among Czech companies and entrepreneurs is decreasing rapidly, they still take place. We live in a digital era ruled by the same digital money, however today we are going to describe the role of cash in financial reporting and accounting, the limits on...
The place of deal and regulations on VAT payment when purchasing goods from other EU countries.
The place of deal and regulations on VAT payment when purchasing goods from other EU countries.
10-07-2019
We will describe a turnover between the Czech Republic and other EU countries in this article. Although the same rules and regulations apply to all the EU countries, there are some nuances in the legislation of a particular country. Today we will look at the situation from the position of the Czech Republic in relation to...
Preparation to a voluntary registration of a VAT payer
Preparation to a voluntary registration of a VAT payer
28-05-2019
Value-added tax (DPH – Daň z přidané hodnoty in Czech) is one of the most important taxes in the taxing system. It is deducted from every item or a service merchandized in the country. This type of tax can be compared with a bearing wall during the construction of the state budget. All companies registered...
A special kind of a VAT payer: identified person to VAT
A special kind of a VAT payer: identified person to VAT
04-02-2019
We already described ways of obligatory registration of a physical or a legal person entrepreneur as a VAT payer in our blog post. Here we will introduce one more way to register as a VAT payer, specifically as an identified person (Czech editor’s note ‘identifikovana osoba’, hereinafter only identified person). What is it and what...
The minimum salary in the Czech Republic is growing again. Depending on the category, from 13 350 CZK to 26 700
The minimum salary in the Czech Republic is growing again. Depending on the category, from 13 350 CZK to 26 700
12-12-2018
Another wave of increase in the minimum wages in the Czech Republic for all categories will influence not only 150 000 employees, but also, for instance, recipients of the tax discounts or private entrepreneurs who make minimum mortgage payments for health insurance. Reasoning The minimum wage at the beginning of 2019 will increase for the...
Minimum wages according to professions
Minimum wages according to professions
13-06-2018
Minimum wages in the Czech Republic were increased to 12 200 CZK in 2018. An increase in this value naturally leads to an increase in minimum possible deductions for medical insurance. They are equal 1647 korunas now. Even if an employee works under the contract on a part-time employment and earns 2000 or 3000 korunas...
Living in the Czech Republic
Living in the Czech Republic
28-11-2017
The Czech Republic is one of the most comfortable countries in the European Union to move to, to do business and to live in. The Czech language belongs to the same Slavic group as Russian does; the Czech Republic is used to expats (every 14th citizen is a foreigner); the rights of the foreigners and...
Taxes in the Czech Republic
Taxes in the Czech Republic
28-11-2017
The country took a medium place of the tax rate level among the countries of the European Union. Its effective taxation system for entrepreneurs allows paying 10% per year. The Czech Republic is a perfect, friendly arena for medium and small businesses from the points of comfortable and cost-effective taxation system and reasonable accounting service....
Position of the Czech Republic in the “Doing Business” rating
Position of the Czech Republic in the “Doing Business” rating
28-11-2017
Doing Business is a research annually conducted by the World Bank aimed to study the simplicity of performing business in the developed countries. This research has been conducted for 15 years already. It spots the states attractive for doing business based on the certain criteria: convenience of tax system, accounting cost, market possibilities and development...
Czech currency and plans on the euro adoption
Czech currency and plans on the euro adoption
28-11-2017
The koruna is the official currency in the Czech Republic. It has been used in the country since 1993. At the present time the pan-European currency euro is accepted all over the republic, however, there are some losses in the exchange rate. Geller 1 koruna is subdivided in 100 gellers used only in case of...
Location of the Czech Republic
Location of the Czech Republic
28-11-2017
The Czech Republic is the state with the developed market economy, one of the most valued countries in the world due to the following economic, social and political indicators: VAT, the index of human development, the index of press freedom and the index of Internet freedom from censorship. The Republic is one of the top...