The Czech Ministry of Finance is proposing a comprehensive amendment to the VAT Act, effective from January 1, 2025, to align with EU directives and CJEU rulings. Notable changes include a shorter period for claiming tax deductions, an extended period for correcting the taxable amount, and new rules for reimbursing tax deductions for unpaid claims. There are also changes to VAT on immovable property, including a shortened test period for exemption and the option to apply VAT to leases involving persons registered for tax in another EU Member State. Additionally, the definition of ‘buildings for housing’ and ‘buildings for social housing’ will be based on their recorded usage.
Source RTCsuite
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