News

The European Securities and Markets Authority (ESMA) has issued a report on the activities of the supervisory authorities for 2021

The European Securities and Markets Authority (ESMA) has issued a report on the activities of the supervisory authorities for 2021

In our autumn 2021 newsletter, we informed you about ESMA, which was established in the year 2011. ESMA is an independent body of the European Union, whose main objectives are protection of investors, proper functioning of the markets and financial…
Transfer of personal data between the EU and the US in the light of the new framework for the transfer of personal data

Transfer of personal data between the EU and the US in the light of the new framework for the transfer of personal data

Until mid-2020, the transfer of personal data between the European Union (“EU”) and the United States of America (“US”) operated under the EU-US Privacy Shield. However, this Privacy Shield was abolished by the Court of Justice of the European Union…
Amendment of the beneficial ownership registration act

Amendment of the beneficial ownership registration act

On 31 March 2022, the Ministry of Justice published a draft law amending Act No. 37/2021 Coll., on Beneficial Ownership Registration (the “BOR Act”). The draft responds to the ongoing infringement proceedings for incorrect implementation of the so…
Reporting financial resources at Sberbank CZ

Reporting financial resources at Sberbank CZ

At the end of February 2022, the Czech National Bank took the first steps to revoke the banking licence of Sberbank CZ. In response to this, the Chamber of Auditors of the Czech Republic issued an opinion on the reporting of financial resources kept…
Buying alcoholic beverages from the EU via e-shops

Buying alcoholic beverages from the EU via e-shops

Based on the currently published information of the Customs Administration, anyone buying alcoholic beverages from another EU member state via an Internet shop may be obliged to declare and pay excise tax. Alcoholic beverages purchased in this way…
Government approves reduction of excise tax on diesel and petrol

Government approves reduction of excise tax on diesel and petrol

The government has decided to reduce excise tax on fuel by CZK 1,5 per litre for both petrol and diesel. The excise tax on a litre of petrol should therefore be reduced from CZK 12.84 to CZK 11.34 and on diesel from CZK 9.95 to CZK 8.45. This is…
CNB interest rates – further increase

CNB interest rates – further increase

The Board of the Czech National Bank has decided on the following interest rates effective from 1 April 2022: the two-week repo rate has been raised from 4.5 % to 5.00 %.  the Lombard rate has been raised from 5.5 % to 6.00 %,    and the discount…
Finance Minister waives 2022 road tax advances for all taxpayers

Finance Minister waives 2022 road tax advances for all taxpayers

As we have already informed you, the government has decided to abolish the road tax for vehicles weighing up to 12 tonnes due to the rapid increase in fuel prices. With regard to the fact that the amendment to the Road Tax Act is not likely to be…
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