Articles

Mandatory registration as a value added tax (VAT) payer usually occurs where turnover exceeds 1 million Czech crowns within 12 consecutive calendar months. An exception does include entrepreneurs who only make non-refundable transactions, which are exempt from tax.  From January 2023, a large package of tax changes will come into effect. The most anticipated new...

The international company DoMyTax is expanding its portfolio of services to the Middle East (UAE)! This means that you can now receive UAE tax advice, company registration, bookkeeping and audit services in the UAE. Full list of jurisdictions served today: UAE 🇦🇪, Czech Republic 🇨🇿, Poland 🇵🇱, Lithuania 🇱🇹 and Germany🇩🇪. Now you can easily...

It is more difficult to withdraw money from your own business than you might think. In fact, the rules around withdrawing money create problems for business owners, due to tax law regulations. However, we can guide you through some legal solutions to these issues.  Withdrawing funds through dividend payments:  Many experienced tax consultants consider dividend...

Our article will help to solve the problem of choosing a right place for social and health insurance for the citizens of the European Union (EU), when working not only in the country of permanent residence. Each citizen, who lives in one of the EU country has to be socially protected and has to get...

Prior 2009, foreigners were not allowed to purchase the Czech real estate. As a solution for purchasing the real estate, a Czech company was registered for which the real estate property later on was purchased. Because a change of real estate ownership from a company to founders was a subject to a real estate transfer...

Are you an entrepreneur, an individual or a legal entity that provides services or sells goods on the territory of another state? Both foreign companies doing business in the Czech Republic and Czech firms trading in other countries under certain conditions must additionally register for the income tax and VAT. The income tax law lists...

The point is that there still is no common understanding regarding what cryptocurrency is. The notion is interpreted differently in different countries. In some countries like Japan, Switzerland, and the United Kingdom, cryptocurrency is considered as payment means, however, they are not considered as currency.  In Australia and the United States, they are considered as property,...

To work with Uber in the Czech Republic, it is necessary to fulfill a number of obligations:  1. To register as an individual entrepreneur:  the provision of transport services is an economic activity and is subject to registration. This type of activity can be registered as the individual entrepreneurship (OSVČ) or a firm and should...

Due to the epidemiological situation in the country, the Parliament of the Czech Republic adopted a number of measures that will help entrepreneurs survive the decline in their economic activity in 2020. The changes will be related to social and medical insurance advance payments as well as to the terms of submitting profit reports for...

Are you employed in the Czech Republic? The Ministry of Labor and Social Affairs informs regarding your obligations during the COVID-19 outbreak. First, it is recommended that you become familiar with the official Czech Ministry of Health point of view and follow the letter of the law which considers several scenarios for every full-time employee....

Minimum wage – 14.600, – CZK The size of minimum deductions for health insurance from citizens without income – 1.971, – korunas The average salary for calculating pensions is 34.835, – CZK Minimum business deductions for 2020: Social insurance – 2.544, – CZK (a new amount of contributions is paid starting from April 2020, after...

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...