The topic of this article is the physical inventory count in business activity. Inventory count is a current topic in this period, because for most companies the balance sheet date, that is the last date of the accounting period, is approaching. First we need to say, what inventory count means. The Accounting Act (act no. 563/1991 Coll., article 29 and further) tells us…

From 1 January 2021, traders and small entrepreneurs can use the new flat rate tax regime. The flat rate can be use by all persons, who are self-employed, who are not VAT payers and whose income from self-employed activity did not exceed CZK 1,000,000 in the taxable period immediately preceding the given taxable period (i.e. the year 2020). The regime cannot be used by a self…

Following the decision-making of the Supreme Administrative Court, namely judgments file no. 8 Afs 58/2019-48 of 13 May 2020, file no. 2 Afs 388/2019-70 of 18 June 2020 relating to the so-called “tax loss chain” and judgements file no. 9 Afs 81/2020-40 of 2 July 2020 and file no. 4 Afs 101/2020-41 of 17 July 2020 relating to assessment of the running of the preclusive time…

We would like to inform you in this article that two fundamental new interpretations have been issued, which are available for compiling financial statements for the year 2020 already: I–42 Foreign currency receivables with allowances I–43 Provided foreign currency prepayments They handle the question: When does the accounting entity bear the foreign exchange risk? Answering…