The Government plans to limit "tax avoidance" arising from postponement of payment of tax liabilities by creation of reserves for repairs of fixed assets.
The proposal requires that reserves be released into revenues if the repair is not commenced after a certain number of tax periods given by this Act. These periods generally depend on the depreciation group of the particular assets to be repaired.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
For further information contact Paul Antrobus or Richard Fletcher, Arthur Andersen Prague, Tel: +420 2 2440 1300 or enter a text search 'Arthur Andersen' and 'Business Monitor'.
The proposal requires that reserves be released into revenues if the repair is not commenced after a certain number of tax periods given by this Act. These periods generally depend on the depreciation group of the particular assets to be repaired.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
For further information contact Paul Antrobus or Richard Fletcher, Arthur Andersen Prague, Tel: +420 2 2440 1300 or enter a text search 'Arthur Andersen' and 'Business Monitor'.
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