COVID-19: Aid to Czech companies

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Information on the country of origin of the goods when imported into the Eurasian Economic Union territory from 1st January 2021 will be reflected in a new way.

The agreements on the entry into force of the relevant decision of the Council of the Eurasian Economic Commission were reached by members of the Eurasian Intergovernmental Council at a recent meeting in Minsk.

From 1st January of the following year, when importing goods into the customs territory of the Eurasian Economic Union, participants in foreign economic activity will be able to simultaneously indicate in the customs declaration information on the non-preferential and preferential origin of their goods.

Loss carry-back: a new institute to help businesses. As part of the third tax package prepared by the Ministry of Finance to support the economy affected by Covid 19, a new tax institution has been introduced, the so-called loss carry-back of losses. It predicts that the losses, which will accrue during the first half of 2020 and caused by the lockdown, could be used as a sort of tax credit.

Quick amortization of businesses: The government wants to allow companies to write off their investments in the tax base for three years; today the usual amortization period for large investments is ten years divided into several years. The government plans to send the proposal to the Chamber of Deputies in the autumn.

National banks approve most repayment requests: According to statistics, starting from 3rd July, they received 380 thousand. Instalment deferral requests, approved 341 thousand. Customers can request a deferment of loan repayments until the end of October.

According to the Czech Banking Association, financial institutions register around 8,000 requests for deferred loan repayments per week.

Partner of Horizon Consulting in Czech Republic –

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