Tax News – April/May 2021


TAX NEWS 31.05.2021.

During the last two months, we have published several interesting Tax News on our blog, Below, you may find our short summary.

New law on beneficial owners

As of 1 June 2021, a new law enters into force, which regulates the obligations of legal entities in the area of registration of beneficial owners. The absence of registration can have significant effects on the business of corporations. In addition to financial sanctions, there is a risk of invalidation of decisions taken by General Meetings in the period when beneficial owners were not registered. Therefore, proper attention should be paid to this area. In our article we have focused on main changes.

VAT refund from the United Kingdom since 2021

One of the consequences of Brexit was the termination of the standard VAT refund regime for Czech VAT payers regarding VAT paid to the United Kingdom. The last period for which Czech VAT payers could apply for a tax refund in accordance with the standard procedure used within the EU was the calendar year 2020. Information on how this process is handled in 2021 is provided in our article.

Meal vouchers lump sum

The issue of meal voucher lump sum has been filling newspaper pages since January of this year, under many guises. In our article, we bring you a look at when it is worthwhile for an employer to use a meal voucher and in which cases it is better to stay with traditional meal vouchers. We have also prepared a short summary of potential issues with meal voucher lump sums in less standard situations.

Deadlines for filing tax returns and reports with the self-employed

There were plenty of changes in the deadlines for fulfilling of tax obligations in recent months. For the sake of clarity, we have prepared a summary of the deadlines within which you are required to file an annual income tax return and, in the case of the self-employed, also statements of income and expenditure for the social security administration and the health insurance company. More information can be found here.