- Starting in 2025, the Czech Republic will implement significant changes to VAT regulations
- The period for correcting the tax base will be extended from 3 years to 7 years
- Tax base corrections can be made even if the taxpayer is no longer registered for VAT
- Simplified procedures will be introduced for bad debts up to CZK 10,000 that are overdue by 6 months
- VAT registration will be based on annual turnover from January 1 to December 31 with new turnover limits set
- The five-year exemption period for VAT on real estate sales will be abolished
- The period for applying VAT deductions will extend to two years from the end of the calendar year when the claim arose
- These changes aim to improve efficiency and compliance in the VAT system effective from January 1, 2025
Source: fiscal-requirements.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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