The Czech Senate recently approved a special law measure to amend the Income Tax Law. For this amendment to be enacted, it needs to be rectifies by a new Chamber of Deputies.
Online PR News – 02-December-2013 – 1250 Oakmead Parkway, Suite 210 Sunnyvale, CA 94085, U.S – The Czech Senate recently approved a special law measure to amend the Income Tax Law. For this amendment to be enacted, it needs to be rectifies by a new Chamber of Deputies. There is also a proposal for a complete overhaul of civil and company laws making structuring more flexible.
The changes proposed under the amendment include:
* Research and Development (R&D) incentives: Expanded types of costs that qualify for R&D credits and increase in R&D credits on costs by 10% to bring the new deduction limit to 210%.
* Gift tax: Increase in the allowance for certain gifts with an increase in the deductibility from 5% to 10% of the tax base.
* Individuals’ income from securities: Any gains from the sale of securities would be given exemption in the situation where the holding period is more than three years, increased from current six month holding period (subject to certain conditions).
* Corporate income tax: Previously proposed changes pertaining to the corporate tax rate and dividend withholding tax related rules for investment funds have been disapproved.
Companies operating in the Czech Republic should monitor and familiarize themselves with the above amendments and be prepared to take action should the law be passed by the Chamber of Deputies. To avoid possible legal actions, companies may consider consulting industry and regional tax experts.
For more information about doing business overseas or to know more about our International Tax Services team please contact us.
Subscribe to regular global tax compliance alerts from Nair & Co.
International Business Guide (IBG) is our online platform for companies wishing to optimize their multinational operations and would like to have specific business information for doing business in a particular country - Click Here.
Get the latest news releases and updates on international tax, HR, Finance, compliance and other legal news at Nair & Co. Industry Alerts.
About Nair & Co.
Nair & Co., the leader in international business expansion services, provides accounting, HR, legal, tax and compliance services for the set up and management of your international operations. Our model of a single-point-of-contact, supported by internal teams of experienced advisors, helps clients expand business and manage risk so they can focus on their core business and sustain growth with minimal risk, stress and cost. We support nearly 250 clients in over 70 countries. Nair & Co. is headquartered in Bristol, UK, has 450 employees and offices in China, India, Japan, Singapore, and the US. Learn more at www.nair-co.com
For media enquiries or to learn to more about Nair & Co., please email us at firstname.lastname@example.org or call Yvonne Smith at +1.408.501.8867