ARTICLE · 18 SEPTEMBER 1996
Czech News - August 96 - VAT Exchange Rates
Czech RepublicAccounting and Audit
Instruction D - 141 on use of foreign exchange rate for the VAT purposes
Instruction D - 141 was published in the Financial Reporter ("Finaneni zpravodaj") No. 7/1996. It stipulates that an exchange rate declared by the Czech National Bank and effective on the day when duty to apply output tax arose should be used for conversion of a taxable supply denominated in foreign currency into Czech crowns. Generally, duty to apply output VAT arises on the day when a taxable supply is rendered.
This instruction formalises practical application of the VAT Act.
For further information please contact Richard Fletcher, Arthur Andersen, Prague, tel +42 2 2440 1300, or enter text search 'Arthur Andersen' and 'Business Monitor'
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