In January 2024, a draft of a new law on accounting was submitted to the government, the application of which will have an impact on a number of other areas. In this context, at the end of May 2024, the Ministry of Finance submitted a proposal to amend related laws, including Act No. 586/1992 Coll. on income taxes. This amendment should then be effective from January 1, 2025. We now bring you a summary of selected changes.
The structure of the Income Tax Act The comprehensive change that this amendment aims to make concerns the structure of the Income Tax Act. The explanatory memorandum states that in order to make the law clearer, newly inserted or amended provisions should respect the modern way of writing legislation. Paragraphs should have a limited number of paragraphs, and each paragraph should have an instructional heading that will help the reader quickly understand the content of the legal norm.
