Corrective Tax Documents
24.08.2011Company: Amcham
Corrective tax documents versus tax credit and debit notes
From 01.04.2011 the Act on VAT does not recognize
tax credit and debit notes, instead of these terms a new
one is being introduced - „corrective tax document“.
You often ask us whether the fact that the name
“tax credit note” continues to be used results in the
invalidity of this document.
Section 45 of the Act on Income Tax stipulates
the statutory requisites of corrective tax document
by which the tax base and tax amount are being
adjusted. The name itself does not belong to the
statutory requisites. Therefore we are convinced,
that naming the document tax credit note instead of
corrective tax document cannot cause its invalidity.
The important thing is, whether this credit note
includes all requisites stipulated in section 45.
VAT rate
An amendment of the Act on VAT by which
the VAT rate changes is currently being held in
the Chamber of Deputies of the Czech Republic.
From 01 January 2012 the lower rate shall be
increased to 14 %, from 01 January 2013 both rates
shall be unified at 17,5 %, based on the proposal.
The amendment is currently in second reading.
Ing. Monika Chvalová
IB Grant Thornton
Na Bojišti 18
CZ-120 00 Praha 2
T +420 296 152 111
F +420 296 181 483
E m.chvalova@ib-gtpraha.cz
