scholarly journals Range data reported to the requirements of the IAS 12 and impact of the IFRS adoption for tax purposes in the tax collection of the Czech Republic

2013 ◽  
Vol 61 (4) ◽  
pp. 961-966 ◽  
Author(s):  
Simona Jirásková
Keyword(s):  
Czech Republic ◽  
Financial Reporting ◽  
Income Tax ◽  
Range Data ◽  
Tax Collection ◽  
Tax Base ◽  
The Czech Republic ◽  
Accounting Regulation ◽  
The Impact ◽  
The Relationship

An issue of relationship between corporate income tax and accounting is one of the most discussed at present. Until recently the tax base was derived from the accounting profit defined in the Czech accounting law. But from 2004 there are companies which have to use IFRS in bookkeeping and financial reporting and from the perspective of the Czech accounting law they do not care about Czech accounting regulation. On the other hand Czech tax regulation has not accepted this change in the field of European accounting harmonization and still directs to pay tax on the basis of Czech accounting regulation for all entities. Fear of adverse change in tax collection is one of the main reasons why the Czech Tax Administration does not allow to pay income tax under profit or loss patterned on IFRS. The most important goal of this work is to characterize the relationship between accounting profit or loss under IFRS and the tax base of income and to find out the impact of taxation under profit in accordance with IFRS in total tax collection. Basic sample of all analyses consists of 35 accounting entities which mandatorily use IFRS and this sample was also confronted with a list of 106 major payers of income tax published yearly by the Ministry of Finance of the Czech Republic for the needs characterization of the relationship of profit under IFRS and the tax base of income.

scholarly journals DEFERRED INCOME TAX: IMPACT ON FINANCIAL AND TAX REPORTING (THE PRACTIСE OF UKRAINE AND GERMANY)

2021 ◽  
Vol 4 (39) ◽  
pp. 138-148
Author(s):  
O. Malyshkin ◽  
S. Rohoznyi ◽  
O. Yarmolitska ◽  
Yu. Ostapenko
Keyword(s):  
Financial Reporting ◽  
Income Tax ◽  
Jel Classification ◽  
International Standards ◽  
Tax Base ◽  
Deferred Tax Assets ◽  
Deferred Tax Liabilities ◽  
Deferred Tax ◽  
Tax Reporting ◽  
The Impact

Abstract. Income taxation is typical for most countries with their own peculiarities. In the practice of the Ukrainian enterprises, there is a lack of relationship between accounting and tax accounting to reflect the deferred tax asset and deferred tax liability in the reporting. The purpose of the article is to analyze the income tax in terms of its calculation by the international standards and identify key tax differences. The authors proposed to formulate the definitions of the current income tax which should be understood as the amount of income taxes payable (reimbursed) on taxable profit (tax loss) for the period and expenses (income) from income tax which should be understood as the total amount included in the determination of profit or loss for the period in accordance with current and deferred taxes. This interpretation of the definitions will help better understand the concepts in accounting and taxation. The tax base of assets and the tax base of liabilities are given and substantiated. The temporary differences were identified by authors. The example of definition of Deferred tax liabilities and Deferred tax assets, the order of their reflection in the report on financial results (about the total income) and disclosure in the Notes to the financial reporting is considered and analyzed. The impact on the indicators of the Income Tax Return is investigated. There is no direct impact of the amount of the Deferred tax assets / Deferred tax liabilities according to the current algorithm for the object of taxation, which is determined by tax legislation. The conclusions are made about the importance of determining of Deferred tax liabilities and Deferred tax assets, which directly affects the amount of net profit. The result of the study was confirmation of the hypothesis concerning different orientation of norms of the legal documents on the display of information in the forms of the financial and tax reporting. Such differences are related to the different requirement to the reporting by the modern stakeholders. Keywords: income tax, deferred tax, tax asset, tax liability, reporting. JEL Classification M40, М41, М48 Formulas: 0; fig.: 2; tabl.: 5; bibl.: 16.

scholarly journals Receivables impairment comparison – accounting and taxation perspective

2009 ◽  
Vol 57 (3) ◽  
pp. 33-42
Author(s):  
Jana Gláserová ◽  
Milena Otavová
Keyword(s):  
Czech Republic ◽  
Financial Reporting ◽  
Income Tax ◽  
Reporting System ◽  
The Czech Republic ◽  
Significant Area ◽  
Set Up ◽  
Prudence Principle ◽  
The Way

Receivables are the significant area of assets in the entrepreneurs reporting system and in the banks reporting system as well. It is necessary to pay attention to this area and to be flexible in the reaction to changes in the risk of bad debts. Impairment of the bad debts is the reaction to these changes. The impairment is based on the prudence principle and the true and fair view principle. There are quite different rules for impairment application for taxation purposes in the Czech Republic than for financial reporting are set up by Income Tax Act. The paper is concerned with the comparison of ways of bad debts impairment reporting in the entrepreneurs’ financial reporting system and in the banks financial reporting system.The receivables definitions are similar for entrepreneurs and for banks. There are some differences in their classification and in the way of prudent principle application in this area.

Municipal Budgets in Poland and the Czech Republic in the Third Year of Reform

1996 ◽  
Vol 14 (1) ◽  
pp. 3-23 ◽  
Author(s):  
W Surazska ◽  
J Blazek
Keyword(s):  
Czech Republic ◽  
Local Government ◽  
Municipal Governments ◽  
The Czech Republic ◽  
Financial Decisions ◽  
Institutional Settings ◽  
State Administration ◽  
Budgetary Decisions ◽  
The Impact ◽  
The Relationship

Municipal budgets in Poland and the Czech Republic are compared in the context of the institutional settings adopted for local government in each country. Wildavsky's model of budgetary behaviour for ‘poor and uncertain’ budget makers is applied to explain the financial decisions of local authorities in the circumstances of postcommunist transition. The scope of independence of local budgeting is examined in both countries with regard to legal restrictions on municipal revenues and expenditures and also in regard to the relationship between local government and the intermediary level of state administration. Two hypotheses are tested concerning the capital expenditures of the municipal governments under study. The first seeks to explain the impact of state grants on the level of municipal investments, depending on the way they are distributed—directly from the centre or through the district offices. The second hypothesis concerns the consequences of electoral rules on budgetary decisions of the respective councils. At the end, a map of municipal incomes is produced for each country, both reflecting the west—cast gradient of modernization.

scholarly journals The Impact of Changes in Accounting Regulations on Agricultural Entities and Their Business Accounts Since 2016

2017 ◽  
Vol 65 (2) ◽  
pp. 689-697 ◽  
Author(s):  
Milena Otavová ◽  
Jana Gláserová
Keyword(s):  
European Union ◽  
Czech Republic ◽  
Financial Reporting ◽  
Financial Accounting ◽  
The European Union ◽  
The Czech Republic ◽  
Agricultural Enterprises ◽  
Accounting Principles ◽  
Using Data ◽  
The Impact

Financial accounting in the European Union is harmonized through directives. In 2013 Directive 2013/34/EU of the European Parliament and the Council was issued. It aims to improve the performance of micro and small entities by reducing their administrative burden. The primary requirement of the Directive is to introduce entity size classification. The paper identifies the impact of the transposition of the Directive on the size distribution of agricultural enterprises in the V4 countries and some other countries of the European Union using data from the Amadeus database. In the Czech Republic obligations which are part of financial reporting are determined for agricultural enterprises and their impact on fundamental accounting principles is detected. The implementation of the Directive in the Czech Republic significantly influenced valuation, accounting for and specially reporting of inventories of a company’s own activity and capitalization, which are typical for agricultural enterprises. A comparison of the regulation effective until the end of 2015 with the new regulation showed the impact on the amount of profit and turnover, which are also quantified. The degree of harmonization with IAS/IFRS is also examined.

scholarly journals Specifics of Cryptocurrencies from an Accounting, Tax and Financial View in a Globalized Environment

2021 ◽  
Vol 92 ◽  
pp. 03014
Author(s):  
Ivana Kucharova ◽  
Daniela Pfeiferova ◽  
Enikő Lőrinczova
Keyword(s):  
Czech Republic ◽  
Income Tax ◽  
Slovak Republic ◽  
Value Added ◽  
Legal Framework ◽  
Tax Base ◽  
Virtual Currency ◽  
The Czech Republic ◽  
Digital Asset ◽  
Financial Transactions

Research background: With the advancing entrance of digital technologies into all areas of private and business life in the past 10 years a new digital asset referred to as virtual currency or cryptocurrency had been invented. This virtual currency is not yet regulated in most countries and there is a need to establish a legal framework for accounting, taxation and recording of financial transactions so the treatment of transactions with these digital assets is the same across the globalized environment, as different approaches may affect the decision-making of the management and investors or can alter the tax base for income tax purposes. Purpose of the article: The aim of this paper is to compare and discuss the different possible approaches of recording and reporting of the virtual currencies for accounting and tax purposes and to compare the approaches among the Czech Republic, the Slovak Republic and Germany to point out the need for a harmonized solution in a global environment, as dealing with cryptocurrencies is not included in the accounting and tax legal framework in many other countries. Methods: Methods of description, analysis, comparison and synthesis are used to achieve the set aim of the paper. Different approaches to the topic are demonstrated and compared in illustrative Tables. Findings & Value added: The paper highlights the need for a uniform approach for the accounting and tax treatment of virtual currency by comparing the level of legal definitions and different approaches. The most elaborate legal implementation of this topic is in the Slovak Republic where the treatment of virtual currencies is included in the Accounting Act and the Income Tax Act. The Czech Republic approaches cryptocurrencies only on the basis of recommendations from the Ministry of Finance, which is not legally binding to obey. Germany has included cryptocurrencies in the Banking Act, the accounting definition is missing and the tax solution is in the Income Tax Act.

scholarly journals Assessing Habitat Vulnerability and Loss of Naturalness: Applying the GLOBIO3 Model in the Czech Republic

2021 ◽  
Vol 13 (10) ◽  
pp. 5355
Author(s):  
Vilém Pechanec ◽  
Ondřej Cudlín ◽  
Miloš Zapletal ◽  
Jan Purkyt ◽  
Lenka Štěrbová ◽  
...  
Keyword(s):  
Land Use ◽  
Czech Republic ◽  
Habitat Quality ◽  
Species Abundance ◽  
Biodiversity Loss ◽  
Infrastructure Development ◽  
Natural Habitats ◽  
The Czech Republic ◽  
New Equation ◽  
The Impact

Global and regional biodiversity loss is caused by several drivers including urban development, land use intensification, overexploitation of natural resources, environmental pollution, and climate change. The main aim of our study was to adapt the GLOBIO3 model to the conditions of the Czech Republic (CR) to assess loss of naturalness and biodiversity vulnerability at the habitat level on a detailed scale across the entire CR. An additional aim was to assess the main drivers affecting the biodiversity of habitat types. The GLOBIO3 model was adapted to CZ-GLOBIO by adapting global to local scales and using habitat quality and naturalness data instead of species occurrence data. The total mean species abundance (MSA) index of habitat quality, calculated from the spatial overlay of the four MSA indicators by our new equation, reached the value 0.62. The total value of MSA for natural and near-natural habitats was found to be affected mainly by infrastructure development and fragmentation. Simultaneously, intensity of land use change and atmospheric nitrogen deposition contributed primarily to the low total value of MSA for distant natural habitats. The CZ-GLOBIO model can be an important tool in political decision making to reduce the impact of the main drivers on habitat biodiversity in the CR.

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