Tag Archives: tax news

ILN Today Post

Peterka Partners – The CEE Law Firm Newsletter 1Q 2017

CZECH REPUBLIC

New Act on Public Procurement

On 1 November 2016, the new Act on Public Procurement, reflecting three European Directives from 2014, came into effect in the Czech Republic. The new Act brings with it more extensive scope for the application of the general principles of public procurement (transparency, non-discrimination, equal treatment, proportionality, etc.).

Electronic Records of Sale

On 1 December 2016, the Act on Electronic Records of Sale entered into effect. Due to the Act, a new system of online information for the tax authorities on all cash payments received was introduced and it caused the closing of a few small businesses; however, no substantial problems have yet occurred.

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ILN Today Post

Dej-Udom & Associates Newsletter – January 2016

ASEAN Economic Community News

ASEAN IMF
The ASEAN+3 Macroeconomic Research Office (AMRO), a Southeast Asian version of the International Monetary Fund, is expected to be upgraded to an official international organization in mid-2016. AMRO was formed by the 10 ASEAN member states together with Japan, China, and South Korea in 2011 as an independent regional surveillance unit to monitor and analyze regional economies and support Chiang Mai Initiative (CMI) decision-making. One of its main tasks will be to issue recommendations to invoke the CMI for members to jointly supply hard currency in the event of a currency crisis.

External Risks Slow Growth
A major global bank believes that external risks will continue to slow economic growth in ASEAN. The bank says that negative growth factors for the region include the commodity price plunge, global demand slowdown, currency fluctuations, poor implementation of investment plans, and restructuring and macro-prudential measures. However, the bank says that GDP growth in the Philippines and Vietnam should remain high in 2016.

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ILN Today Post

Peterka & Partners CEE Newsletter, January 2016

Extension of investment support in the Czech Republic – amendment on investment incentives On May 1, 2015, an amendment regarding investment incentives came into effect. The amendment introduces new types of incentives and at the same time removes the current limitations in the Act on Investment Incentives and connected acts. Under the Act on Investment Incentives, investors who make or expand their investments in the Czech Republic may gain support in the form of investment incentives. The supported areas currently include the manufacturing industry, technology centres and centres of strategic services. For centres of strategic services the support is also extended to data centres and customer-support centres (call centres). In addition, the government determined through a resolution that industrial zones are to be provided with more attractive investment incentives – increased financial support for new jobs or completely new incentives such as an exemption from property tax for five years. The amendment also significantly reduced the required minimum number of newly-created jobs in activities with high added value.

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