Legislation currently pending in the Czech Republic would expand the information reporting requirements for banks and would impose requirements on attorneys and tax advisors.
The amendment would implement the EU Directive on Administrative Cooperation in the Field of Taxation (DAC 5), and would expand the information reporting requirements of banks. The changes would allow tax administrators to have access to information about: (1) authorised persons; (2) persons who have deposited funds in an account; (3) payment recipients; and (4) established safe deposit boxes.
Read an April 2018 report prepared by the KPMG member firm in the Czech Republic
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