The deadline for the announcement of exempted income remains unchanged (No. 887)

Please be advised that in addition to the obligation to submit a personal income tax return, the taxpayer might be also obliged to report exempted income to the tax authority. The obligation to report exempted income applies to a taxpayer who received tax exempted income exceeding CZK 5 million in 2019. This limit is set separately for each exempted income. Such income may be a gift, inheritance, winnings from lotteries, betting or similar games or exempted income from the sale of securities.

It is not necessary to report the income, which the tax administrator can verify from public registers or other records accessible for tax administrator (e.g. sale of property registered in the land register).

There is no postponement of the statutory deadline or any reduction of the related fine for failure to submit the announcement even with the state emergency measures described in so-called liberation package responding to the consequences of COVID-19 pandemic. In the case of a power of attorney granted to a tax advisor for submitting a tax return, it may be submitted within an extended period by 1 July 2020.

publikováno 30.03.2020