NEWS & PUBLICATIONS

Bankruptcy of Czech Sberbank: Loan Portfolio for Sale

The Czech branch of Sberbank has been in liquidation since early May 2022. Its banking license was revoked by the Czech National Bank in April after the bank collapsed in the aftermath of the Russian invasion of Ukraine.

Another Tax Package for Smaller Businesses

The Czech government has decided on the next tax package aimed at smaller enterprises. The respective government bill deals, inter alia, with the obligatory registration for VAT and the so-called lump-sum tax.

Expected Changes to the Labour Code

Even though the Czech Republic's deadline for adopting two EU directives on labour law has expired, the Ministry of Labour and Social Affairs, it is still working on drafts of the necessary amendments to the Labour Code. But what changes can we actually expect?

Good News for Credit Card Holders: Stricter Rules for Dynamic Currency Conversion

An amendment to the Act on payment systems aims at clients’ protection against unfavourable exchange rates through a significant increase in regulation of Dynamic Currency Conversion - DCC.

New Regulation of Beneficiary Owners

The new Czech law on the registration of beneficial owners had to be substantially amended just about a year after its adoption. This was due to pressure from the European Commission, which criticized some parts of the Czech legislation for being inconsistent with the regulation and objectives of the European Anti-Money-Laundry (AML) Directive.

Judicial Protection and Fair Trial

An appeal is considered to be timely if it was filed after the expiry of the 15-day period it the appellant followed the incorrect instructions of the court on the appeal. This is the case, if the decision does not contain any indication of the appeal, the time limit for appeal, the court before which the appeal is to be lodged, or if it contains an incorrect indication that the appeal is not admissible in these cases, an appeal may be lodged within three months.

Debtors in Default, Be Aware to File a Petition for Bankruptcy

In general, debtors are obliged to prevent bankruptcy at all times. Unfortunately, this is not always the case. The Slovak parliament has therefore recently adopted a new legislation, which has extended the obligations of a debtor in financial default.

Sberbank CZ is About to Vanish

Only a few days after the Russian invasion of Ukraine and the resulting European sanctions on Russian banks, the Czech subsidiary of Sberbank collapsed. The Czech National Bank revoked its banking license and Sberbank CZ entered into liquidation.

Czech National Bank: Change at Helm

Will the change in the governor of the Czech National Bank (CNB) have an impact on its current policy? This is a question the markets have asked themselves since the surprising appointment of a new head of the CNB by president Miloš Zeman.

Russian Oil Embargo Fuels Disputes in Slovakia

The invasion of Ukraine by Russian troops sparked countless responses in order to help Ukraine and limit funding of the Russian economy and hustle war. Oil represents one of the greatest incomes of Russia’s state budget.

Home Office and Meal Vouchers

Although home office existed before, only mandated lockdowns during the Covid pandemic made it popular. Employers have found that working from home works well and home office is now a very popular benefit in the Czech Republic.

A Costly Mistake by the Tax Office

The Czech tax administration overcharged a large number of tax pages. This can be concluded from a recent ruling by the Supreme Administrative Court, which struck down a malpractice of the Czech tax administration. According to the court, the tax administration miscalculated the (default) interest on taxes owed.