Crowe news
Crowe news 08/2019
Chess Logbook No. 8
I wrote down notes for this article on the back side of the Chess Logbook. This scoreboard serves for formalized notation of the chess game, each move is recorded using standardized marks. I sit in the busy hall of Incheba in Bratislava, where 1,400 young chess players met at the European Youth Chess Championship. Chess has many advantages, firstly, you are not allowed to scream, and secondly it improves memory, concentration, problem solving, forecasting and minimizing risky action. While my son is silently fighting on the chessboard, I have time to summarize my recent observations…
Transfer pricing news – earthquake or the fresh summer breeze?
The General Financial Directorate picked on the transfer pricing sphere again. In order to harmonize the procedures for applying international standards in the taxation between so-called related parties, the General Financial Directories issued a new Instruction D-34. At the same time as the new Instruction, the Czech version of the OECD Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations was published in the Financial Bulletin of the Ministry of Finance No. 5/2019, as amended in 2017.
Virtual assistants are an increasingly common solution in the area of customer service. According to the Global Market Insights report, the global chatbot market is growing by more than 30% annually and by 2024 will reach the value of USD 1.34 billion. Companies using such a form of communication with clients must remember to ensure that their personal data are processed in accordance with the GDPR guidelines.
Just a little bit of VAT math…or let not those brain cells become lazy during the holidays!
As of 1 April 2019, an amendment to the VAT Act, which inter alia regulated the method of calculating VAT, applies. A six-month transition period was introduced, which allows VAT to be calculated in the 'old' way, i.e. until 30 September 2019. Thus, we still have some time to prepare so far, but the preparation cannot be underestimated, especially given the fact that the set-up of accounting software is involved.