As of 1 January 2021, an amendment to the Income Tax Act
entered into force, which brought three basic changes in the area
of fixed assets - an increase in the
acquisition price of tax-depreciated tangible assets, the
possibility of extraordinary depreciation and the abolition of the
definition of tax-depreciated intangible assets. All
three changes are valid from the effective date of the law, but
according to the transitional provisions we can use these changes
for the tax period of 2020, for assets acquired from 1
January 2020. Acquisition means putting the assets into
use according to accounting regulations, ie the moment , when the
property was actually used in the course of business. The state
therefore provides business entities with partial compensation of
losses, which they have due to the closure of part of the economy,
in the form of the possibility to reduce the income tax base by
applying higher investment expenditures or their faster tax
depreciation.
