- Czech Republic announces VAT changes effective from January 1, 2025
- Updates include changes to cross-border VAT rules, registration thresholds, and taxation periods
- New cross-border VAT regime allows small enterprises VAT exemptions in other EU states
- Two new VAT registration turnover thresholds introduced at 2,000,000 and 2,536,500 Czech korunas
- Option for quarterly taxation period available for VAT payers with turnover under 15,000,000 korunas
- Expanded and clarified rules for VAT groups
- Extended deadline for correcting tax base and deductions to seven years
- New modifications for VAT exemptions on financial activities, education services, and book supplies
- Shortened period for claiming VAT deductions now ends by the second calendar year after the right to deduct arises
- Certain transactions exempt from domestic reverse charge mechanism, including forced sales
Source: globalvatcompliance.com
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.
