Insights

Czech Tax Updates

Editorial Team 11 Oct 2024

An overview by LeitnerLeitner, Taxand Czech Republic

The Czech Financial Administration has announced that in 2023 it conducted 10,656 tax audits, resulting in increased tax liabilities of CZK 10.78 billion and a reduction in claimed losses of CZK 1.97 billion, confirming that audits continue to play a crucial role in ensuring accurate tax collection and identifying irregularities.

Key areas of focus included VAT, corporate income tax, and personal income tax. Notable results include:

• A CZK 8.57 billion rise in VAT liabilities and CZK 1.49 billion in corporate income tax.
• International cooperation leading to two joint transfer pricing inspections with the Federal Republic of Germany.
• The initiation of eight new MAP procedures.
• The issuing of a total of 131 binding assessments, of which 17 were sent abroad as part of the automatic exchange of information.
• Windfall tax collections totalling CZK 39.1 billion, representing 46% of the forecast due to reduced company profitability.

Experts from our Czech member firm LeitnerLeitner have provided a more detailed overview of the figures which you can read here.

Article tags

Czech Republic | Income Tax | Tax | VAT