Summary
January 1, 2001 is important, not only because the income tax law was revised on this date but also because the Amendment to Commercial Code has become effective. In this issue, we would like to inform you of important revisions to the Commercial Code. Due to the large number of revisions, we hope for your understanding and patience because we were unable to consider all revisions here. We have limited our discussion to those revisions, which could be of significance within the framework of rendering accounts and the annual financial statement.
The following text contains chronological descriptions of the individual articles.
Revising the Commercial Code was particularly necessary in order to conform Czech commercial law to EU law and international standards. The new law has also stipulated several definitions of terms, which help eliminate interpretation problems. New provisions were introduced for the protection of creditors, minority shareholders and against misuse.
