Recent News in the Value Added Tax Act

The Act No. 235/2004 Coll., on Value Added Tax, was recently amended. With effect as of 1^st January 2015, a new 10 % VAT rate was introduced. This rate shall be applied to baby nutrition, books and medicine.

With effect as of 1^st January 2016, VAT taxpayers shall regularly give electronic control reports to tax authorities. Omission of this duty will be sanctioned with a fine.