The VAT Act amendment no sooner than on 1 April 2011 and a new VAT return form
14.02.2011Company: Amcham
The VAT Act amendment was adopted by the deputies shortly before Christmas. The originally proposed effect as of 1 January was changed to 1 April 2011 and approved in its third reading. The amendment is yet to be discussed by the Senate, submitted to the President of the Republic for signing it and then published in the Collection of Laws.
The Ministry of Finance stated that it would publish information concerning the most significant changes to the Act on its website in January. The changes in particular include:
- Changes in corrections of the base and amount of tax
- Changes in deduction claims
- Guarantee for tax unpaid by the provider
- VAT refund for uncollectible receivables (from debtors involved in insolvency proceedings)
- Reverse charge with selected local performances
- Change of the place of supply for B2B services in culture, education and entertainment
- Changes in tax exemptions for importation of goods.
New form for VAT returns from 2011
Due to the forthcoming amendment to the VAT Act, a new VAT return form has been valid since 1 January 2011 (25 5401 MFin 5401 – Form No. 17) and the related filling instructions (25 5412 MFin 5412 – Form No. 13). It shall be first used for the tax period from January 2011 or the first quarter of 2011.
On its website, the Ministry of Finance has published a summary of changes with respect to the previous form and information on how to proceed in the transitional period from January to March 2011, or the first quarter of 2011, i.e. until the anticipated effect of the amendment.
http://cds.mfcr.cz/cps/rde/xchg/cds/xsl/dane_poplatky_10660.html
If you need more details regarding the amendment to the VAT Act or the new tax return form, please do not hesitate to contact us.
