A tax package—containing changes with respect to income taxes, value added tax (VAT), and tax procedure rules—has received its third reading in the Chamber of Deputies and now is pending consideration by the Senate.
Among the income tax amendments are the following items:
Because the amendments were not discussed before the end of 2016, the effective date would be postponed to 1 April 2017. As a result, the majority of approved changes would be effective for the taxable periods starting on or after the amendment’s effective date. This means that the changes generally would not apply before 2018 for calendar-year taxpayers. However, certain provisions would already be effective in 2017—for instance, measures concerning increases in tax credits.
Read a February 2017 report [PDF 249 KB] prepared by the KPMG member firm in the Czech Republic
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