ARTICLE · 13 FEBRUARY 1997
Czech News - Jan 97 - VAT Act
Czech RepublicAccounting and Audit
The Ministry of Finance is considering amendments to the VAT Act with effect from 1 January, 1998. Some changes could already be in force from 1 July 1997. A possible modification of the Act would be the change of the VAT rate on energy and fuel from 5% to 22%. Thermal energy should stay in the lower tax rate.
The formerly proposed VAT rate increase on construction was not included in the amendment proposal.
The current VAT registration limit will probably be decreased from 750,000 Ke to 500,000 Ke in the immediately preceding three months.
The proposal modifies the rules of reclaiming of Czech VAT paid by foreign individuals on export.
The proposal does not address any of the controversial Decree D-130 issues, regarding the application of VAT by entities considered to be financial institutions because of their transactions with securities.
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