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
Liberal Aid Package No. 2 ENG version
Grant Thornton would like to inform you that the Government of the Czech Republic approved the bill of the Ministry of Finance this week to adopt further tax measures in connection with the extraordinary event caused by the spread of the coronavirus (so-called Liberal Aid Package No. 2). We briefly present the individual proposed measures in the following summary:
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The government has approved a second Tax Liberation Package
In view of the current situation, the Ministry of Finance has extended the Tax Liberation Package with further measures. It waives the obligation to pay advance payments for PIT and CIT due in June 2020. With regard to income tax, it also introduces the "loss carryback" measure for 2020, whereby it will be possible to apply the tax loss for the current year retrospectively in the tax returns for 2019 and 2018.
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Liberation Tax Package
We would like to inform you that due to the state of emergency in connection with the COVID-19 outbreak, the Czech Government has approved a liberation tax package providing for the remission of selected sanctions for late submission of tax reports and payment of tax liability.
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Liberation package to alleviate the economic consequences of a coronavirus pandemic in the Czech Republic
The Czech Government will provide tax breaks in relation to the spread of the coronavirus diseas, which should help entrepreneurs to cope with the loss of income.
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Czechs will Spend 181 Days Working to Pay Taxes as this Year’s Tax Freedom Day Falls on 30 June
This year, taxpayers in the Czech Republic will spend 181 days working to pay taxes, which is one day more than last year; after final recalculation, it was 180 days in 2019. According to Deloitte’s calculations, Tax Freedom Day will fall on 30 June 2019. Approximately the same case as in the Czech Republic will apply to the UK and Norway. Taxpayers will have to spend the most days paying taxes to the government in Denmark, while the fewest in Romania and Bulgaria.
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