The proposed EU  recovery program represents an attempt to transform the power relationship between the EU and its member states, and its influence over the economic development of the continent. This is more than an argument over which member state gets the best slice of the pie: this is an attempt to shift the power of economic policy making to the Commission and to introduce the power of the EU to collect tax revenue from EU citizens.

Company exploring further additional global capacity to provide broad and equitable access at no profit during the pandemic

Act No. 33/2020 (hereinafter the “Amendment”), amending Act No. 90/2012, on corporations and associations (the Act on Corporations), as amended (hereinafter the “Act on Corporations”), entered into force on February 13 of this year upon its promulgation in the collection of documents. The Amendment was called “major” because it involves the most extensive changes to Czech corporate law in the past six years. Although the vast majority of provisions in the Amendment take effect as of January 1, 2021, it is important to prepare for them in advance.

In Financial Bulletin No. 9, the Ministry of Finance has published a third liberation package, generally and under certain conditions waiving tax, interest, and penalties. Among other things, sanctions for the late filing of personal and corporate income tax returns for 2019 and for late tax payments shall be waived as long as the return is filed and the tax paid by 18 August 2020. This does not apply to taxpayers administered by the Specialised Tax Authority.