Who comes late, lodges ill
14.06.2011Company: Amcham
It seems that we will soon open a new column for notifying people on changes regarding time limits and fines in the tax code. We have another piece for you here.
The tax code contains a provision which says that if a tax payer files a tax return, report, tax statement etc. after the relevant time limit has expired, they will be fined for the late filing. Nothing new, we say. Small nuances, however, may cause big problems.
Firstly, awarding a fine is not up to a tax administrator’s consideration; it is created by law. And, secondly, the fine is for filing late, not for wrongly calculated tax.
What is especially juicy is applying these rules to income tax statements. The fine may reach up to 5% of the total determined tax. If the statement is filed late, the fine might very easily reach the maximum amount of CZK 300,000. Even if the tax is calculated correctly. And the Tax Authority would hardly forgive you this fine.
Daniel Kovačovič, TAX Consultant
Mobile: +420 739 182 283
E-mail: daniel.kovacovic@tacoma.eu
