Czech Republic MOF Announces Draft Bill to Amend VAT Act

The Czech Ministry of Finance June 11 announced a draft bill to amend the VAT Act to implement EU law, and to reflect practice knowledge and case law. The bill includes measures to: 1) specify that small businesses in other EU countries with under 2 million Czech korunas (US$87,995) in turnover per calendar year won’t be considered VAT payers in the Czech Republic, as will also apply for small Czech businesses with regard to other EU countries; 2) make businesses that exceed 2 million korunas in turnover during the year VAT payers from Jan. 1 of the following calendar year, ...