Czech Republic: Minister of Finance grants tax reliefs to companies and individuals affected by floods

June 17, 2013

On 11 June 2013, the Ministry of Finance announced that the Minister of Finance has decided to grant tax reliefs to companies and individuals affected by floods in the Czech Republic.

The relevant decisions will enter into force by 13 June 2013, at the latest.

The tax reliefs at issue are as follows:

  • Corporate and individual income tax for 2013 will be remitted in an amount corresponding to the damages incurred as a result of the floods
  • Penalties and late payment interest will be remitted where the payment of advance payments by individual entrepreneurs was delayed as a result of the floods
  • Corporate taxpayers can apply for a reduction or late payment of the advance payments due
  • Penalties and late payment interest will be remitted where individual and corporate taxpayers failed to pay the 2012 tax liability by 30 June 2013, subject to the condition that the tax due will be paid by 31 October 2013

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