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Articles contributed by Alfery & Partner
Defence against vexatious insolvency petitions
Insolvency proceedings aim mainly to find a complex solution to the financial standing of a debtor who has gone bankrupt according to one of the laws (Act No 182/2006 Sb., on Insolvency and the Methods of its Solution; hereinafter referred to as the “Insolvency Act” ) in the way set forth, especially in order to secure the claims of creditors. In practice, some institutes of the Insolvency Act are used in ways that contrast with its general purpose.
Real Estate Tax in 2010
The real estate tax rate doubled on the basis of the amendment to the Real Estate Tax Act that came into force in 2010. Therefore some municipalities took their option and increased the tax rates. The rate increased from CZK 5.00 to CZK 10.00 per square meter of built-up area for structures serving for industry, building industry, transport, energy industry and other agricultural production, and from CZK 0.10 to CZK 0.20 per square meter of land. Arable land, hop gardens, vineyards, gardens, fruit orchards, permanent grasslands, productive forests and fish ponds, and also structures for other business activity make an exception.
Amendment to the Income Tax Act - July 2009
On 3 July 2009, President of the Czech Republic signed an amendment to Act No. 586/1992 Sb., on income taxes, as amended (hereinafter referred to as the “ITA”), drawn up by the Ministry of Finance. This amendment has been published in the Collection of Laws under No. 216/2009 Sb. and became effective on 20 July 2009. The law amends the Income Tax Act in the following areas (without limitation): Depreciation of tangible assets, Financial lease-purchase agreements, Education of employees
Amendment to the Income Taxes Act, the Real Estate Tax Act, Inheritance and Gift Tax Act
On 19 December 2008, the President of the Czech Republic signed the Amendment to the Income Taxes Act, among other Acts. This Amendment had been under preparation for a long time, and after long negotiation (the Amendment had already been submitted to the House of Parliament by the government on 24 July 2008) was finally approved on 10 December 2008. The Amendment became effective on 1 January 2009 when it was published in the Collection of Acts of the Czech Republic under No. 2/2009 Coll.
Amendment to the act on value added tax
An amendment to the Act on Value Added Tax was published in the Collection of Laws under No. 302/2008 on 19 August 2008. This amendment modifies the Act in more than 300 points. It comes into effect on 1 January 2009. The current regulations are used for application of the tax, as well as rights and responsibilities based on the law for the tax period prior to the effect of the amendment.
Thin Capitalisation Rules
Since 1 January 2008 two different thin capitalisation rules have been simultaneously in force in the Czech Republic. The effect of the respective amendments depends on the date of signing the credit or loan agreements in question:
Amendment to the Labour Code and Finding of the Constitutional Court; Commercial Code Amendment
The first issue of 2008 of News Alfery reports on the Labour Code Amendment effective as of 1 January 2008, the Judgment of the Constitutional Court dated 12 March 2008 on the complaint against the new Labour Code, and finally the Commercial Code Amendment effective as of 1 March 2008. We have also prepared a legislative overview regarding the Czech government subsidies in the area of renewable energies.
The Building Code- as amended
As of January 1, 2007 the new (amended) Building Code, i.e. Act No. 183/2006 Coll., on Urban Planning (Zoning) and Building Code (The Building Code) has been amended and enacted.
Amendment to the Income Tax Act and other Acts.
On 21st August 2007, the Chamber of Deputies passed the Public Stabilization Act, which includes, amoung others, an amendment to the Income Tax Act.