After crossing the border into the European Union, the goods must be placed under one of the customs procedures. For goods that are not immediately released for free circulation, this is most often the transit procedure. This is then terminated in the country of destination by release for free...
The European Securities and Markets Authority (ESMA) requires issuers of securities on EU regulated markets to make new use of an expanded taxonomy to label consolidated financial statements. This extended ESEF taxonomy applies to consolidated annual reports and financial statements (or financial...
In December 2021, the European Commission published a proposal for a directive that sets out rules to prevent the abuse of entities without sufficient economic substance for tax purposes (the Unshell Directive). Entities that do not meet the minimum economic substance requirements will not be...
In my editorial I reflected on the added value of the audit for the audited company. In this article I would like to continue this theme.
In my nearly 18 years as an auditor, my clients have repeatedly asked me what benefit an audit actually has for them. This question naturally is raised mainly by top management when negotiating the contractual terms for the audit of financial statements. Sometimes they themselves answer that it...
In this article, we discuss the publication of the paragraph-by-paragraph text of the new draft Accounting Act for comment. We will present three major changes that the law is expected to introduce to the practice of financial accounting and reporting and for which it is essential to prepare in...
You have probably already noticed the draft amendment to the VAT Act, which is set to increase the limit for compulsory VAT registration from CZK 1 million to CZK 2 million. Many small VAT payers were surely delighted by the publication of this proposal, because those with turnover in the range...
Businesses have already become accustomed to the increased administrative burden introduced by the new rules for registering beneficial owners under the AML Directive since the middle of last year. The relatively easy-to-fill-in online form suddenly became a process that took several hours, one...
The Chamber of Deputies approved an amendment to the International Cooperation in Tax Administration Act, which introduces a new obligation in the digital economy for operators of digital platforms.