Investor Presentaiton
Reporting
Requirements
VAT RETURNS
In general, VAT returns have to be submitted electronically
on a monthly basis. Under certain circumstances, VAT
payers can opt for a quarterly reporting period. However, for
VAT groups and taxable persons whose turnover exceeded
CZK 10.000.000 in the previous calendar year, a quarterly
reporting period is not possible.
VAT returns must be submitted by the 25th day of the month
following the relevant tax period. VAT payers who are not
established in the Czech Republic and who do not have a
VAT establishment in the Czech Republic are only required to
submit VAT returns for VAT periods in which they performed
taxable or zero-rated transactions.
VAT must be paid by the VAT return's due date. If excess
input VAT is reported, VAT credit should be paid to the VAT
payer within 30 days of the deadline for submitting the VAT
return. The period for a VAT deduction refund might be
extended due to a tax inspection.
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A penalty applies for non-submission/delays in the
submission of a VAT return (max. CZK 500.000). Late
payment interest on overdue VAT amounts will be assessed
by the Czech tax authorities based on a repo rate of the
Czech National Bank increased by 8% per calendar year.
EC SALES LISTS
An EC Sales List must be completed in general on a monthly
basis if a VAT payer or person identified for VAT (where
applicable) either:
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supplies goods from the Czech Republic to another EU
member state to a person registered for VAT in another
EU member state;
moves their own goods from the Czech Republic to
another EU member state;
acts as the intermediary in a triangular transaction between
VAT registered traders in other EU member states;
provides a service to a customer established in another
EU member state, where the place of taxable supply is
determined in that EU member state under the general rule.View entire presentation