Hledat v komentářích
Investiční doporučení
Výsledky společností - ČR
Výsledky společností - Svět
IPO, M&A
Týdenní přehledy
 

Detail - články
Do you know what tax you will be paying next year?

Do you know what tax you will be paying next year?

21.5.2012 14:23
Autor: Dalibor Bucek, KSB

Let’s look at what is being planned for individuals.

Starting next year, changes are planned not only for personal income tax, but also for health insurance, VAT, and real estate transfer tax. Certain measures are, however, proposed on a temporary basis and would only be valid during 2015.

Stop the “generous” tax-deductibles

Self-employed individuals claiming tax-deductible expenses in the form of a percentage of revenue, i.e. the percentage of revenue method for calculating tax or, in other words, the possibility of deducting expenses from income as a certain percentage of such income, is currently a very hot political topic. A cap on such percentage is expected, i.e. the permitted percentage would be limited for certain income exceeding two million Czech crowns.

Regarding the 40% expense rate that applies, for example, to the income of valuers, insolvency administrators, lawyers and interpreters or to income from authorship and artistic activities, percentage-based expenses could not exceed CZK 800,000. For rental income the percentage of revenue method for calculating tax would be limited to 30% of the revenue and the final amount could not exceed CZK 600,000. In other cases, such as income from agricultural production and small trades, the percentage of 80% and 60% should remain unlimited by an absolute amount.

For taxpayers with income from business and other self-employment or rental income who deduct expenses in the amount of a certain percentage of their income, a limiting condition has been proposed. This would involve the possibility of reducing tax by a deduction for a spouse and a tax advantage for a dependant child. If, however, the aggregate of the partial tax bases where the percentage of revenue method for calculating tax is applied exceeds 50% of one’s total tax base, the self-employed individual would not be able to apply such tax relief.

Progressive solidarity

A proposal has been made to introduce a progressive personal income tax known as a solidarity tax from 2013 until 2015. Personal income would be taxed on a “solidarity basis” if the sum of the taxpayer’s employment income and income from self-employment exceeded 48-times the average salary (in 2012 this would amount to CZK 1,206,576). The portion of income exceeding 48-times the average salary would be taxed by an additional 7%.

Income tax advances paid from employment 4-times in excess of the average salary would also be subject to solidarity tax. All taxpayers regardless of the solidarity amount in the given month would be obliged to file a personal income tax return, which, when compared to today’s situation, means that taxpayers with income only from employment activities may be required to file a tax return.

No discount for pensioners

From 2013 until 2015, pensioners and disability pensioners would not be entitled to the basic taxpayer discount. Strictly speaking, this should apply only to persons who as of 1 January of the taxation period receive old-age pension or disability pension for third-degree disability from pension insurance or from foreign mandatory insurance of the same kind.

Foreign assistance

As of 1 January 2013, the 15% personal withholding tax applied to tax non-resident’s income from sources in the Czech Republic is planned to be increased to 35%. It should be noted that this increase would not affect taxpayers from countries with which the Czech Republic has concluded a double taxation treaty and where the amount of the withholding tax is limited or fully prohibited.

Given that the bill is now subject to a consultation process, we can expect changes to the bill during its consideration by Parliament. The question therefore is whether the final form will be substantially different from the current bill.

Váš názor
Na tomto místě můžete zahájit diskusi. Zatím nebyl zadán žádný názor. Do diskuse mohou přispívat pouze přihlášení uživatelé (Přihlásit). Pokud nemáte účet, na který byste se mohli přihlásit, registrujte se zde.
Aktuální komentáře
15.12.2017
17:20Technická analýza: Boj eura s dolarem, slábnoucí koruna a brexitu odolná libra
17:03Summary: Kámen úrazu u Oracle, nadšení u Adobe a velkoobchodní solidno u Costco  
16:51Libra padá, další jednání o brexitu nebudou jednoduchá...  
16:51Perly týdne: Bitcoin bude zdaněn, největší společností na světě je VOC a Země je plochá
15:58Photoshop pomohl Adobe Systems k 25% růstu (komentář analytika)  
15:49UNIMEX GROUP, uzavřený investiční fond, a. s.: Pozvánka na řádnou valnou hromadu
15:41Americký průmysl po silném říjnu ztrácí tempo
14:49Oracle naplnil tržní očekávání, cloudový byznys ale neuspokojuje (komentář analytika)  
14:29Přední ekonomové se dostali do neobvyklého sporu. Stojí za pozornost
13:29Summers krotí optimismus: Jsme jen v přechodném ekonomickém opojení
12:53ČEZ vede exkluzivní jednání o prodeji bulharských aktiv
12:10BMW postaví u Sokolova testovací dráhu za 200 milionů eur
11:46Evropa mírně ztrácí, pod tlakem H&M (-15 %)
11:27EIB poskytne fondu Inven Capital přes miliardu Kč na investice do inovací
10:52Dolar pouze drží pozice, schvalování daňové reformy míří do finále  
10:37Ztrácí Putinomika na síle?
10:24Čtyři byty z deseti letos kupují investoři, vyplývá ze studie EKOSPOL
9:15Rozbřesk: ECB dál mává holubičími křídly. Inflace pod cílem nejméně do 2020
8:15Trhy zřejmě v pátek zamíří níže. ČEZ může prodat elektrárnu Varna bulharskému kupci  
8:06Bulharsko schválilo prodej elektrárny Varna, kterou vlastní ČEZ

Související komentáře
    Nejčtenější zprávy dne
    Nejčtenější zprávy týdne
    Nejdiskutovanější zprávy týdne
    Denní kalendář hlavních událostí
    ČasUdálost
    14:30USA - Empire State Manufacturing index
    15:15USA - Průmyslová výroba, m/m