Czech Republic Tax Agency Clarifies Application of Reduced VAT Rates

The Czech Financial Administration Nov. 23 clarified the application of reduced VAT rates. The clarification explains that: 1) the reduced VAT rates of 15 percent and 10 percent are abolished effective Jan. 1, 2024, at which time a single reduced VAT rate of 12 percent will be effective; 2) adjustments will be made to the electronic control report form and the VAT tax return to account for the changes, which will be made available through the online tax portal for 2024; and 3) the electronic form and instructions for completing summary reports on the VAT Information Exchange System (VIES) will ...