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Tax Changes in the Czech Republic: Summary of Significant VAT Amendments Effective from 2024

  • Tax changes in the Czech Republic aim to reduce the state budget deficit
  • Corporate income tax rate increased to 21%
  • Changes to VAT rates, including a limitation on input VAT recovery for certain cars
  • Three VAT rates now apply: 0%, 12%, and 21%
  • Zero rate applicable to books
  • Items previously subject to reduced VAT rates now subject to 12% rate
  • Items previously subject to reduced VAT rates reclassified to 21% rate
  • Occasional public transport and disposable medical devices now subject to reduced 12% rate
  • Additional guidance issued on VAT rates and limitation of VAT recovery for certain cars
  • Revised rules for determining taxable supply for electricity, gas, heating, cooling, and other supplies

Source: taxathand.com

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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