Czech Republic: New Accounting Act expected to take effect in 2026

The draft of the new Accounting Act is currently being discussed by the government’s legislative council. 

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November 12, 2024

The Ministry of Finance published an updated working version of the draft of the new Accounting Act and confirmed that it is expected to come into effect from January 2026 at the earliest.

The draft of the new Accounting Act is currently being discussed by the government’s legislative council. Once approved by the government, it will be debated in the chamber of deputies. The new law is followed by an accompanying law that amends 130 related legal regulations including a major amendment to the Income Tax Act. The accompanying law has undergone an inter-ministerial comment procedure, and the comments are still being processed. Because of this, it is no longer realistic for the pending legislation to come into effect on January 1, 2025, as initially planned.

If the chamber of deputies fails to pass the new Accounting Act and its accompanying law before the autumn elections, the entire legislative process will have to start again in the newly elected chamber of deputies.

Read a November 2024 report prepared by the KPMG member firm in the Czech Republic

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