Crowe news
Crowe news October 2019
Final phase of e-sales since 1 May 2020
Effective from 1 May 2020, the obligation to record cash payments has been introduced for the remaining business activities. In general, payments are subject to electronic evidence of sales in case the “formal” attribute (i.e., the payment is in cash) and the “material” attribute (i.e., the payment relates to business activity) are fulfilled. Payments made by a credit card (either via a terminal in the respective business premises or payment via a payment portal) continue not to be subject to e-sales.
What is the deadline to approve the financial statements?
In the previous newsletter, I reminded you not to forget to ensure that the General Meeting approved the financial statements of the previous year. Today, I will briefly follow up on this topic adding information about the deadline for deciding about the distribution of profit.
Is a complication really the only thing the digital tax will bring us?
In the previous issue, we drew your attention to the fact that a new tax will be introduced in our legal system, namely one that should respond to new business models operated via the internet. At the same time, we promised to keep you informed of progress in this area. And it can be said that the swift reaction came almost immediately.
Are Czech family businesses more resilient to the crisis?
A unique nationwide survey will answer this question. The survey will take place from December 2019 and it will be addressed to the largest number of family businesses in the Czech Republic.The project is supported by the Association of Family Companies ("Asociace rodinných firem"), Bank Gutmann AG, C.O.T. media s.r.o., Crowe Czech Republic, DELOR INTERNATIONAL, spol. s r.o. and Pavelka s.r.o., law office. Will you join the respondents? Press release available in Czech language.
eNeschopenka is already upon us. What changes in sickness insurance await us from the coming year?
As of 1 January 2020, there will be new compulsory electronic reporting of temporary incapacity for work, the so-called eIncapacity (“eNeschopenka”). The aim of this change is to simplify and hence accelerate and clarify, the processes related to temporary incapacity for work for all concerned parties.
New rules for exemption from VAT
As you could read in the previous issue of Crowe news, lawmakers will not let us rest in the fall. On the contrary, our clients and we, their tax advisors, must prepare for the most massive changes in the VAT system in the last decade. As a result of the latest amendment to the VAT Act, the so-called “quick fixes” will be introduced as of 1 January 2020 which are system changes concerning intra-community supplies of goods and related to legislation at EU level.
On 25 September 2019 the Commission has adopted a report on the application and implementation of the Enforcement directive on posting of workers within EU Member States (Directive 2014/67/EU of the European Parliament and of the Council of 15 May 2014 on the enforcement of Directive 96/71/EC concerning the posting of workers in the framework of the provision of services).