The Czech Republic (Czech Republic) is a state in Central Europe, bordering Germany, Slovakia, Austria, and Poland. Among all post-communist states, the Czech Republic has one of the most stable and successful economic systems: in this group of states, the Czech Republic ranks first in Europe in terms of the rate of economic development and investment inflow.
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According to the Accounting Act (Zákon o účetnictví č. 563/1991 Sb.), keeping accounting records is compulsory for the following entities:
National accounting standards of Czechia are based on the international financial reporting standards (IFRS).
Financial statements in Czechia include:
Small and micro enterprises file a simplified annual report: without review of cash flows and without review of changes in equity.
Financial statements and an annual report (in the case of an entity that must be audited) must be filed with tax authorities and published in the commercial register. The filing deadline for entities that must be audited is 6 months after the reporting date, and for others it is 3 months.
Enterprises that do not fulfill the obligation to publish the report are imposed with a penalty of up to 3% of the total gross assets.
The obligation to grant public access does not apply to entities that:
Audit is compulsory for joint stock companies that met at least 1 of the following criteria during the current and previous reporting period:
Limited liability companies and other accounting entities must meet at least 2 of the above criteria.
Normally, tax period in Czechia is a calendar year.
An income tax return of legal entities shall be filed by 1 April of the year following the reporting year. If accounts are prepared and filed by a licensed specialist (accredited by tax authorities of Czechia), the filing deadline can be extended to 30 June.
The following must be enclosed with a tax return:
Tax shall be paid on the general grounds by 1 April of the year following the reporting year.
The limitation period for unpaid taxes in the Czech Republic is 3 years. The limitation period starts on the day of the deadline for filing the tax return.
Penalty for late filing of tax returns is:
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