Czech Republic: Proposed changes to income tax law | KPMG | GLOBAL

Czech Republic: Proposed changes to income tax law

Czech Republic: Proposed changes to income tax law

The Ministry of Finance released a revised summary of income tax amendments that would affect the direction of the new income tax law, expected after the autumn elections.

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According to the revised summary of income tax amendments, there would be changes concerning:

  • Certain entities able to determine their tax base from the result of operations under IFRS
  • Introduction of a voluntary income tax consolidation system
  • A reduced number of depreciation groups, pool depreciation, and a re-definition of technical improvements
  • Receivables that can be written off
  • Adjustments with respect to receivables from loans for banks and other credit institutions 
  • Loss carryforwards available for an unlimited period of time
  • Tax deductibility of insurance

 

Read a June 2017 report prepared by the KPMG member firm in the Czech Republic

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