- Financial Administration clarified deduction limit on M1 passenger cars effective from 2024
- Deduction limit on cars leased under finance leases applies to lessee, not lessor
- Taxpayer unable to claim full deduction, subsequent sale of car still subject to VAT
- Ministry of Finance unveiled draft amendment to VAT Act effective from 2025
- Amendment proposes additional limit of EUR 100,000 for registering taxable persons as taxpayers
- Time limit for tax base corrections to be extended to seven years
- VAT Act to address new scenarios for VAT refunds to creditors, including provision for tax base reduction adjustments for minor debts
- Proposed shortening of time limit for right to deduct tax to roughly two years
- Debtor forfeits right to deduct tax if payment not made within 6 months from due date, with option to reclaim upon payment
- Amendment open for comments and expected to undergo significant modifications.
Source: dreport.cz
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
