The situation with international sanctions are changing very quickly, the EU having announced already four major packages of sanctions against the Russian Federation and Belarus since February. In addition, several less comprehensive measures have been adopted. Below we summarise the basic principles and information on the correct application of sanctions:

The General Financial Directorate has issued summary information on VAT implications of making donations to support Ukraine. While for income tax, Czech laws can be amended to respond flexibly, the situation is rather more complicated for VAT, as the possibilities to deduct VAT are based primarily on harmonised EU legislation.

In response to the ongoing military conflict on the territory of Ukraine, the European Commission has prepared a measure to allow state aid aimed at restoring the activity of affected companies and sectors. This measure is the European Commission's Temporary Crisis Framework for state aid to support the economy in the context of Russia's aggression against Ukraine (“Temporary Framework”). Specific measures within the limits set by the Temporary Framework are decided by individual Member States, and the Czech Republic has not yet adopted any such measures.

The transatlantic economic partnership generates around €5.5 trillion ($6 trillion) in commercial sales a year and accounts for half of total global personal consumption. No place in the world attracts more US foreign direct investment (FDI) than Europe. Since the beginning of this decade, Europe has attracted 62.6% of total US global investment.