Increase of child tax credit in Czech Republic

Highly expected tax amendment was implemented on 1 May 2016. Tax credit for second child increases by CZK 1 200 to CZK 17 004 per year, for third and any following child by CZK 3 600 to CZK 20 604.

The amendment has retrospective effect from January 2016. It will be reflected in employee’s payroll run from May 2016 onwards. Periods January to April 2016 will be settled in employee’s annual tax reconciliation or in own income tax return.

More details in Czech language can be found at the following link:

Increase of child tax credit in Czech Republic, 2016-04-29-Sdeleni-pro-platce-dane-z-prijmu-ze-zavisle-cinnosti.pdf

Latest newsletters

Tax changes adopted in Hungary in autumn 2024

SME INFO Nr.2024-6 Hungary – The Autumn Tax Package 2024 brought quite a lot of changes, both major and little. This publication focuses on changes in tax laws, not comprehensively, as usual, but highlighting topics we consider important.

ESG reporting and sustainability report under Act on Accounting

PS SME Info Hu 2024-5: In this newsletter, two new standardized reporting obligations based on EU-adopted directives and standards, effective in Hungary from 1 January 2024 are reviewed: the ESG reporting and the sustainability report under the Act on Accounting.

Changes affecting Act on Accounting – Autumn 2024, Hungary

PS SME Info Hu 2024-4: In 2025 the amendments to the Act on Accounting do not contain any significant accounting changes, mainly some thresholds defining obligations or exemptions have been increased, and in addition, there are mainly additions and clarifications, including on the sustainability report and its audit. We also draw your attention the mandatory electronic invoicing and archiving of natural gas and electricity consumption, which will come into force from 1 January 2025 and will affect a wide range of businesses.

Latest blog posts

Securing Executive Buy-in for Digital Transformation

PS Digi-Blog 7 — In the complex and fast-paced journey of digital transformation, having the executives on your side isn't just helpful; it’s essential. Imagine trying to drive a car without a steering wheel—that's what trying to implement digital changes without executive support might feel like. The commitment from those at the top greatly increases the chance of everyone cooperating, and provides both the resources and the strategic oversight needed to navigate through the digital age

PS APPS: Accounts Payables (AP) processing by automated system

Top 5 Accounts Payable Challenges Faced by Businesses

Processing accounts payable (AP) invoices can feel like an Olympic event for many finance teams, whether it's an internal accounting team or an outsourcing partner.

PS In-Voice – PS APPS touchless accounting: A new step in the evolution of accounting

PS In-Voice podcast series: In this episode, two PS experts discuss touchless accounting and its practical applications. They introduce the PS APPS integrated system, which enables the automation of AP processing, minimizing the need for human intervention.