A new issue of Schaffer News has just been released and it, as usually, contains a lot of interesting and up-to-date information about the latest developments in the world of tax and law and short news about our Office’s activities. When compiling our articles we always strive to address questions you most commonly ask and/or to inform you about new changes in legislation, which may concern most of you, well in advance; this latest issue is no exception.
Even though economy improves, your business partner possibly going bankrupt is a scenario that may not be ruled out as an unlikely one, and those of you who have encountered such a situation know all too well what financial losses business risks are brought about by your business counterpart’s insolvency. Our legal team has written an article detailing information on how any significant financial losses may be avoided by implementation of an appropriate amendment to the relevant contracts.
One of the two articles provided by our tax team focuses on the territorial jurisdiction of financial authorities and informs the readers which tax offices and on what conditions may perform a tax inspection in your company; the other piece, then, examines the often discussed problems connected with the income tax reliefs obtained from employment of disabled persons.
Also, we believe that activities of our office both home and abroad during the past period are to be noted – we participated in an AGN congress and helped organise the WIRAS conference in the Czech Republic.
We wish you an interesting read.
 | | AGN World Congress 2016 in Dublin | | Between 18 and 20 September, Martin Felenda, the Managing Partner of Schaffer & Partner, took part in the AGN International World Congress in Dublin. Our office is a proud member of the international network of tax advisers and advisory firms. | | | | | | | | | | | | |  | | WIRAS Verbund Conference in Prague | | On 19 and 20 September, an international conference of WIRAS Verbund International took place in Prague, and all of us at Schaffer & Partner, being a member office of the network, were proud to welcome the conference participants on our premises and, in doing so, in Prague. | | | | | | | | The Rights Protection in Cases of Business Partner’s Insolvency | | Many transactions performed are fairly complex and the stakes may be rather high when business is conducted and that is why it is often recommendable to bear in the mind that your business counterpart may not be able to meet their financial obligations and, put simply, go bankrupt. | | | | | | | | | | | | | | New Scheme of Tax Administration Territorial Jurisdiction | | Your company’s seat is in Prague, but its business activities are inspected by authorities from Brno, České Budějovice or Pilsen? Starting in July, it is possible… On 29 July, 2016, an amendment of the Czech Republic Financial Administration Act, which among others introduces a change concerning the teritorrial jurisdiction of tax subjects during tax inspection, became effective. | | | | | | | | |
 | | | | Tax Relief for Employing Persons with Disabilities | | As the Income Tax Code states it, both legal entities and physical persons employing persons with various disabilities are allowed to apply for a tax reduction. The question is, then, which person may fall into the category of a disabled one, as such definition is not to be found in the text of the Income Taxes Act; and thus, it is necessary, to consult the Employment Act. | | | | | | | | | | | | |  | | | | Teribear Moves Prague | | On Wednesday of 14 September, 2016, a team of Schaffer & Partner employees joined a charity fundraising sport event called Teribear Moves Prague. A second year of the event organised by Tereza Maxová Foundation aiming to donate the proceeds of it to help disadvantaged children took place between 8 and 17 Sep at Letná. | | | | | | |  | | | | | | | Today, we would like to introduce our partner in India – LexCounsel, Law Offices; this legal advisory agency specialises in provision of superior quality legal services and solutions in business and professional areas such as Commercial law, Telecommunications and Media law, Labour law, Property law and more. Detailed knowledge of regulation and practical experience in several specific business areas (particularly IT, telecommunication, media etc.) undoubtedly gives LexCounsel, Law Offices a significant competitive advantage which suggests that in co-operation with Schaffer & Partner a top quality services may be provided to businesses/entrepreneurs who participate in the Czech-Indian business exchange even in more specific branches of industry. If your company is considering co-operation with an Indian firm, you might be interested in reading the following article, which was written by a LexCounsel partner, Ms Seema Jhingan and specifically chosen as a way of introduction to the LexCounsel, Law Offices, and discusses the topic of enforceability of the often used so-called letter of intent in accordance with the Indian law. | | | | | | | | |
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