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

Report on corporate income tax information

SME INFO Nr.2024-1 Hungary – Looking back at the Community directives adopted in previous years, it can be said that companies, established in the EU, increasingly face with harmonised reporting obligations across Member States. Several such reports have already been introduced in Hungary, such as the Country-by-Country (CbC) report to be submitted to the tax authority or the report on payments to governments to be published together with the annual accounts. In this publication, we review the latest corporate tax information reporting requirements, applicable for the first time for the financial year, starting on or after 22 June 2024.

Changes to Act on Social Contribution Tax concerning the tax allowance for labour market entrants

SME QUICK INFO Nr.Q2024-01 –The amendment Social Contribution Tax will affects the preconditions and the period of application of the social contribution tax allowance for employees who are considered to be entrants to the labour market.

Changes for employers in social insurance when employing Agreements to work

Registration is compulsory from 1 July 2024 for all employees with Agreement to work (ATW) as well as for all employers who have only employees with ATW.

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.