Czech Republic Issues VAT Guidance, Amendments

The Czech Republic recently issued clarifications and amendments to its value-added tax laws, according to a Jan. 20 KPMG post. Along with issuing guidance on rules for reporting corrections in VAT returns and VAT ledger statements, the country also reduced the VAT rate for the supply of heating and cooling supplies to 10 percent, which took effect Jan. 1. The Czech Republic issued guidance on determining the “date of supply” of the goods and clarified that “hot water supplies” remain subject to a “first reduced VAT rate” of 15 percent.