Competitiveness / Tax & Finance
This section feature research, opinion and progress reports on how the Czech Republic compares to other EU countries economically. It includes analysis of international rankings such as the WEF and World Bank.
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Spotlight issue
Closing accounts as the preferred SPA in the Czech Republic
When selling companies in the Czech Republic, parties prefer to determine the purchase price on the basis of the financial statements prepared at the date of the company’s takeover by the new owner, the so-called closing accounts. When negotiating a Share Purchase Agreement (SPA), this purchase price mechanism was chosen for 71% of deals. This results from the latest Deloitte study Deal making in the Czech Republic summarising selected data from significant transactions over the last few years.
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European Commission’s first plans for tax reform within the EU
In mid-July, the European Commission published a first draft of a new tax package aimed to boost the economy and create fair and simple taxation rules within the EU. A more detailed version will be published at the end of 2020, should the OECD’s initiatives mainly regarding corporate and digital tax fail to be implemented.
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Central and Eastern European Tax Guide 2020
Welcome to Mazars’ eighth annual Central and Eastern European tax guide. Our main purpose is to provide you with an overview of the tax systems in the CEE region. We strongly believe that this publication will help investors understand the complexities of the various CEE tax regimes, as well as highlight the latest developments and trends characterizing the tax regime of a given country.
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Pitfalls of managing transfer prices by means of marketing services
The Municipal Court in Prague confirmed the tax administrator’s approach reclassifying marketing services contracted and provided to abroad to ‘consideration received from a third party’. In the court’s opinion, the services were rendered directly to the Czech recipients of the goods. The consideration received from abroad shall thus enter into the tax base of local sales of the goods, and shall be subject to Czech VAT.
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COVID-19 and transfer pricing policy – comparability analysis
With the economic downturn brought about by the COVID-19 pandemic, companies face the challenge of determining whether they should modify their transfer pricing policies. The decision has to be made at a time when comparable data necessary for the analysis are not yet available. At the moment, relying on prior-year data and three-year averages of financial results of comparable companies may not be an appropriate method of setting intra-group prices.
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