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This article applies to:

  • Product: ONESOURCE Statutory Reporting
  • Subject: Templates

Version 14 - June 2024 (CUD release)

Content update

This version 14 content update tells you that the Czech Corporate Template includes Illustrative Model Content with legislative coverage for year-end reporting until December 31, 2024.
  • Financial Period Type: 12-Months (Annual)
  • Current Compliance Until: year-end June 2024
  • Target Industry Type: Manufacturing, Services, Generic (excl. Financial Services)
Legislative
updates to the Illustrative Model Content for Year End June 2024 to remain compliant until December 31, 2024
As we informed you in February 2024, the Czech Republic approved the consolidation package concerning tax reforms. These changes generally take effect for taxable periods beginning on or after January 1, 2024.
  • Net Turnover:
     The consolidation package changes the definition of net turnover. Previously, net turnover included revenue reduced by sales discounts. Now, it includes only revenues from the sale of products, goods, and services, starting from January 1, 2024.
  • Functional Currency:
     You can now use a functional currency other than CZK (EUR, USD, GBP) for accounting and corporate income tax, starting from January 1, 2024.
  • Tax Rate:
     The corporate income tax rate increases from the current 19% to 21%.
  • ESG (Environmental, Social, and Corporate Governance):
     New ESG regulations may represent a challenge or an opportunity for companies. Examples include CBAM (carbon duty, effective from October 1, 2023), deforestation-free products (addressing unsustainable logging and biodiversity loss, taking effect on December 30, 2024), and the EY Pay Transparency Directive (new obligations for equal pay, adopted in April 2023).
  • BEPS Pillar II:
     New legislation applies to groups with annual revenues of EUR 750 million or more in their consolidated financial statements for at least 2 of the 4 preceding fiscal years. Many countries will implement this at the start of 2024. Entities in such groups will face additional reporting obligations due to a global minimum taxation level of 15%.
  • Accounting Act:
     We expect the amendment to the Accounting Act to take effect from January 1, 2025 or later. We'll update you on the expected changes impacting the financial statements.
Early adoption for accounting standards
N/A

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