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Building the future of financial services with forward thinking solutions

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Tailored solutions to meet global needs and manage resources in a changing environment

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Beyond the GAAP no.173 - January 2023

With the Corporate Sustainability Reporting Directive (CSRD) coming into effect on 5 January 2023, EU countries can now begin the work of transposing it into national law. In practice, the member states have until 6 July 2024 to transpose the CSRD and to specify certain requirements of the new directive, which some large companies will have to apply from 1 January 2024.

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Beyond the GAAP no.172 - December 2022

As 2022 gives way to 2023, the whole editorial team at Beyond the GAAP would like to wish you all the best for the coming year! While there will probably still be much to discuss on the accounting front, there is sure to be even more activity in terms of sustainability reporting, both at European and international level. In particular, the European Commission is expected to endorse the delegated acts on sector-agnostic ESRS by 30 June 2023.

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George Town

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Mazars Tax View 3/2023

We would like to briefly present the contents of the March issue of our Tax Newsletter. From 1 January 2023, the circle of people for which the Ministry of the Interior is establishing data boxes automatically is expanding. In the opening article we have summarised the most important information and the effects of establishing data boxes by law.

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Changes in the waiving of fines for control statement and tax sanctions

The Financial Administration amended the conditions for the waiving of fines for not submitting a control statement and issued a new instruction concerning the general waiver of tax accessories.

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Donations provided in 2023 in connection with the military conflict on the territory of Ukraine

At its meeting in January 2023, the Government of the Czech Republic approved a proposal to extend the validity of measures in the field of taxation in connection with the military conflict on the territory of Ukraine caused by the invasion of the army of the Russian Federation. This measure was originally adopted by Act No. 128/2022 Coll., which indirectly amended the income Taxes Act and which originally applied only to donations provided in 2022. However, as the armed conflict in Ukraine continues to rage on, while citizens and business entities continue to provide assistance to Ukraine and its population, the government approved the extension of these measures for 2023.

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The case of the Court of Justice of the EU amends the current practice in triangular trade

In its recent decision C-247/21 Luxury Trust Automobil, the Court of Justice of the EU (‘CJEU’) expressed, somewhat surprisingly, the view that the correct content of invoices for triangular trade has a major impact on the possibility of applying this regime.

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Tax (non)deductibility of re-invoicing expenses

We are bringing the conclusions of the court case of the Supreme Administrative Court (hereinafter referred to as the “SAC”) in the area of the application the Section 24 (2) (zc) of Act No. 586/1992 Coll., on Income Taxes (hereinafter referred to as "ITA"), as amended by the end of 2014. In the considered case, the tax administrator assessed an additional tax and a penalty for the tax periods of 2013 and 2014 to the taxpayer. The reason for this was that the taxpayer included representation expenses in the tax deductible expenses pursuant to the aforementioned provisions of ITA.

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The payment of a profit share concealed by the sale of shares

In a recent court case, the Supreme Administrative Court (SAC) dealt with the payment of a profit share to a Cypriot company coming from a Czech company. The SAC came to the conclusion that the actual legal situation had been concealed, when the main purpose of the legal acts was the majority shareholder's intention to avoid taxation in the Czech Republic when paying the profit share. It thus agreed with the conclusions of the tax administrator, which assessed an additional withholding tax that was supposed to have been withheld when the profit share was paid to a natural person, the beneficial owner of the income.

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Tax deductibility of interest on an acquisition loan – abuse of law

After a longer time, a court decision has appeared in the Czech Republic that is positive for the taxpayer as part of the issue of the tax deductibility of interest on an acquisition loan and the application of the institute of abuse of law. So far, however, this is only the decision of the regional court and the tax administration has filed a cassation appeal in the matter, which will therefore have to be assessed by the Supreme Administrative Court.

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The effects of automatic data boxes from January 2023

As of 1 January 2023, Act No. 457/2022 Coll. (hereinafter referred to as the “Act”) amending Act No. 300/2008 Coll., on Electronic Acts and Authorised Document Conversion, as later amended, and other related laws, extends the circle of persons to whom data boxes are established automatically by law. Compared to the original legislative plan, data boxes (namely data boxes of the type “data box of a natural person”) are not legally established by law for the persons not performing business activity. Nevertheless, such persons may have a data box of a natural person established based on the request.

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Právo: Jak daní příjmy důchodci a studenti; 4.3.2023

Výdělečně činní důchodci nebo studenti nejsou samozřejmě automaticky osvobozeni od daňových povinností. Pro podnikající penzisty či studenty je zpravidla vyplnění daňového přiznání samozřejmostí, v praxi však musí za rok 2022 vyplnit daňové přiznání i při práci pro dva zaměstnavatele současně nebo při nárokování si zaplacené daně z příjmu během brigády.

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e15.cz: Daň z příjmu při prodeji nemovitosti. Kdo daň platit nemusí a jaká jsou pravidla; 3.3.2023

Pokud splníte zákonné podmínky, zdanění příjmu z prodeje nemovitosti se vás netýká, v opačném případě však ano. Kdo musí uvést příjem z prodeje nemovitosti do daňového přiznání? Jak daňový formulář vyplnit?

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March 2023

Mazars in the media - In March 2023, our experts from the audit, tax consulting, accounting consulting, and expert institutes were quoted in the following media articles and comments.

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3/2023

We would like to take this opportunity to send you the twelfth issue of “Mazars Report: Economy and financial markets”, in which we follow the developments on the international and local markets for you on a quarterly basis.

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CEE Business Services Summit & Awards

Forvis Mazars will be attending the CEE business services summit & awards in Warsaw, during 8 - 9 March.

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EU adds Russia to tax havens list - tax implications in the Czech Republic

In mid of February of this year, the Council of the EU placed Russia on the list of countries not cooperating with the EU authorities on tax matters. In addition to Russia, Costa Rica, the Marshall Islands and the British Virgin Islands have been newly added to the list. This brings the total number of countries on the EU list to 16.

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Boston State Street

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North Macedonia

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Sustainable finance policy tracker

Financial services organisations around the world are rethinking how they work in order to better embed sustainability into their business models. At the same time, climate stress tests are entering the mainstream in many jurisdictions. But even though regulation is fast developing, there is still a lack of consistency in the methods used and the extent of the commitments.

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Investing in CEE: Inbound M&A report 2022/2023

The beginning of 2022 signalled to what was to be a turbulent year for both European and global market, as Russia invaded Ukraine on 24 February. Trends that were already in play in 2021, rising inflation and higher borrowing costs, were greatly amplified. The war unleashed supply shocks, notably in the wholesale gas market.

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Investing in CEE: Inbound M&A report 2022/2023

The beginning of 2022 signalled to what was to be a turbulent year for both European and global market, as Russia invaded Ukraine on 24 February. Trends that were already in play in 2021, rising inflation and higher borrowing costs, were greatly amplified. The war unleashed supply shocks, notably in the wholesale gas market.