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VGD News April 2020

Dear business partners,

On 24 March, 2020 the Ministry of Finance has announced in their Financial Bulletin no. 5/2020 a decision about remission of tax accessories, tax advances and administrative fees due to extraordinary incident.

We state the main points bellow:

Blanket remission of income tax advances payable on 15 June 2020 for all natural and legal persons which were due to pay quarterly or half-yearly tax advance on this date.

Tax payers with fiscal year have to ask to the potential remission of tax advance by filing an individual request.

The fine for late filing of VAT return will be automatically remitted to these VAT taxpayers to whom has been forgiven (at least partially) a fine for not filing the control statement (for the same tax period) for the reason in relation with AARS-CoV-2 (it concerns to the fines amounting CZK 10 000, CZK 30 000 and CZK 50 000 for not filing the control statement). There must be fulfilled a condition that the VAT return is filed no later than on the same date on which the late control statement (for which the fine has been forgiven) has been filed.

Blanket remission of fines for later filing of real estate acquisition tax return on condition that the tax return is filed until 31 August 2020. The remission concerns to the real estate acquisition tax which is due between 31 March 2020 and 31 July 2020.

Blanket remission of penalty interest or interest from the amount of real estate acquisition tax deferment on condition that the tax is paid until 31 August 2020. The remission concerns to the real estate acquisition tax which is due between 31 March 2020 and 31 July 2020.

Should you need any further information related to this area do not hesitate to contact VGD tax advisor team.

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