The Ministry of Finance on 24 March 2020 announced tax relief measures in response to the coronavirus (COVID-19) pandemic. Measures that must be in form of legislation have already been or will be submitted to the Chamber of Deputies.
Under one proposal, taxpayers that recognized a tax liability for 2018 or 2019 and plan to report a tax loss for 2020 would be able to deduct this loss from their tax bases for 2018 and 2019—thus possibly providing for a refund of income tax. The application of tax losses from 2020 to earlier years would be available if amended (additional) income tax returns are filed for the 2018 and 2019 tax periods. The resulting tax overpayment would then be refunded to the taxpayer’s account based on the taxpayer’s application.
Currently, this is only a proposal of the Ministry of Finance, and it has not yet been submitted to the Chamber of Deputies. The final version of this measure may therefore change during the legislative process.
The Ministry of Finance has decided to provide general waivers concerning:
Read a March 2020 report prepared by the KPMG member firm in the Czech Republic
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