News Archive

The IFRS for Small and Medium-sized Entities

The International Financial Reporting Standard for Small and Medium-Sized Entities ("IFRS for SMEs") is a simplified version of full IFRS aimed at the needs of private companies.

Published by the International Accounting...

VAT from 1. 1. 2011

Ministry of Finance is preparing an Amendment of the VAT Act, which should be effective from 01.01.2011. There will be a lot of important changes in this Amendment. The reason for the bill is to take into account amendments...

Changes in VAT from 2013

Directive 2010/45/EU of the Europe Union Court, which changed the directive 2006/112/ES on the common system of value added tax, in respect to invoicing regulations, has been issued in the Official Journal on 22.7.2010.

Member...

Free provision of a company car to the employee for personal use

In the past there were explanation disputes regarding the deductibility of the VAT, which has to be paid when providing a company car for personal use.

It may be the following situation:

The employer buys a car, claims the...

Tax deductibility of interest on loans for payment of dividends

The Supreme Administrative Court delivered a verdict on 25.03.2010, which significantly changes the view on the tax deductibility of loan interests for payment of dividends.

In the past the interest on loans, which the company...