Czech Republic: Amendment to Income Tax Act in response to new Accounting Act
The Ministry of Finance published a draft amendment to the Income Tax Act in response to the new draft Accounting Act.
Amendment to Income Tax Act in response to new Accounting Act
The Ministry of Finance published a draft amendment to the Income Tax Act in response to the new draft Accounting Act.
A summary of changes include:
- Changes to asset and debt valuation
- Simplified tax depreciation
- Application of international accounting standards
- Determining the tax base of foreign taxpayers
- A new concept of finance leases
- New definition of the taxable period for legal entities
- Special scheme for taxpayers with accounting records kept in euros
- Transitional provisions
- Other selected changes
The proposed effective date of January 1, 2025, and other parts of the amendment may change during the legislative process.
Read a June 2024 report prepared by the KPMG member firm in the Czech Republic
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