Czech Republic

Corporate - Other issues

Last reviewed - 09 January 2020

International agreements

In 2014, the United States and the Czech Republic signed an intergovernmental agreement (IGA) implementing the tax reporting and withholding procedures associated with the Foreign Account Tax Compliance Act (FATCA). The deadline for the annual reporting is 30 June for the preceding calendar year.

The Common Reporting Standard (CRS), whereby financial institutions report certain information on the accounts they keep, was implemented into Czech legislation in 2017. The deadline for the annual reporting is 30 June for the preceding calendar year.

The Czech Republic has an effective bilateral TIEA with the following countries: Andorra, Aruba, Bahamas, Belize, Bermuda, British Virgin Islands, Cayman Islands, Cook Islands, Guernsey, Isle of Man, Jersey, Monaco, and San Marino.

The Czech Republic is also a party to the multilateral OECD Convention on Mutual Administrative Assistance in Tax Matters.

As regards the OECD’s BEPS initiative, the Czech Republic will implement the minimum standards requirements only. In this respect, the Czech Republic will implement into its DTTs a principal purpose test provision, a new wording of preamble, and a Mutual Agreement Procedure. Nevertheless, in the future, the Czech Republic is prepared to implement new BEPS provisions into its network of DTTs through bilateral negotiation.