Newsletters

As in the previous year, the Parliament has passed the changes to next year’s tax regulations surprisingly early. In our current newsletter we are going to review the more important amendments adopted on 7 June 2016.

Highly expected tax amendment was implemented on 1 May 2016. Tax credit for second, third and any following child increases.

The institution of flat rate collection cost was removed from the Civil Code as of 24 March 2016 in Hungary and has been re-regulated in the Act IX of 2016 with retroactive applicability.

Lower chamber of Czech Parliament approved law on the electronic registration of sales on 10. 02. 2015. It approved reduction of VAT rate in the catering services with the exception of alcoholic beverages.

Taxpayer action required. Pension savings – II. pillar is terminated as of 1.1.2016, by Act 376/2015 Coll.

The supplies of gas and electricity to traders with these commodities will be subject to the local reverse charge treatment starting from 1 February 2016.