Czech Republic approved Country by Country Reporting (CbCR)
On 19 September, 2017, an amendment of law No. 164/2013 Coll., on international co-operation on tax administration, and other related laws, which defines conditions and obligations connected with CbCR was published in the Collection of Laws.
The amendment stipulates that all companies which are a part of a concern are obliged to file a so-called “Declaration” to a specialized financial authority. The Declaration must contain information about concern entity, i country and extent of submitting the CbCR. The deadline for the submission of the Declaration is 31 October, 2017, either via the company’s data-mailbox or by means of a data message signed with a validated electronic signature.
A fine of up to CZK 500,000 for failing to meet the obligation may be imposed.
Since the financial administration is yet to make public more detailed information on the form and structure of the Declaration, it is recommended to wait until it has done so and an official form of the document has been released. Any Declarations filed in different form would have to be re-filed in a prescribed, although yet undefined, manner.