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This article applies to:

  • Product: ONESOURCE Statutory Reporting
  • Subject: Templates

Version 15 - March 2025 (CUD release)

Content update

This template includes Illustrative Model Content with legislative coverage for year-end reporting until June 30, 2025.
  • Financial period type: 12-Months (Annual)
  • Current compliance until: year-end December 2024
  • Target industry type: Manufacturing, Services, and Generic (excluding Financial Services)

Legislative updates

Illustrative model content for the year-end December 2024 to remain compliant until June 30, 2025.
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 redefined net turnover. Before the amendment, net turnover was revenue less sales discounts. Now, it includes only revenue from the sale of products, goods, and services starting January 1, 2024.
  • Functional currency:
     Companies can now use a functional currency other than CZK (EUR, USD, GBP) for accounting and corporate income tax starting January 1, 2024.
  • Tax rate:
     The corporate income tax rate increased to 21% from 19%.
  • ESG (Environmental, Social, and Corporate Governance):
     New ESG regulations may pose threats or create opportunities for companies. Examples include CBAM (carbon duty, effective from October 1, 2023), deforestation-free products regulations (most of which take effect on December 30, 2024), and the EU Pay Transparency Directive (adopted in April 2023), which creates new obligations for employers regarding equal pay for people of all genders.
  • BEPS Pillar II:
     The new legislation applies to groups reporting annual revenues of EUR 750 million or more in their consolidated financial statements in at least 2 of the 4 preceding fiscal years. Many countries began implementation in early 2024. Entities in such groups will face further reporting obligations due to the global minimum level of taxation of 15%.
Early adoption for accounting standards
N/A

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