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Tax aspects of finance and operating leases
Machek, Jan ; Novotný, Petr (advisor) ; Vondráčková, Pavlína (referee)
The present thesis analyzes the statutory regulation of leasing transactions in the Czech Republic, both from the perspective of the general legislation and from the perspective of the tax laws. Since operating and finance lease contracts are not classified under nominate (named) contracts in the Czech Civil or the Commercial Codes, the principal legal aspects of this commercial arrangement have been established largely by way of evolving judicial and business practice. The absence of the general legal regulation, particularly with respect to finance leases, has also had some important consequences for tax laws and their application. The thesis also describes the distinguishing features of finance leases compared to the general lease contracts. A thoughtful statutory regulation of leasing transactions would therefore bring about the much-needed legal certainty for all parties involved in and affected by lease contracts. The present thesis sets out both a thorough description of the current state of law with respect to lease contracts and puts forwards proposals on how to improve the enactments of law in future.
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Beneficiary proprietor in tax law
Olšarová, Marie ; Novotný, Petr (advisor) ; Vondráčková, Pavlína (referee)
Diplomová práce: Beneficiární vlastník v daňovém právu Abstrakt v anglickém jazyce BENEFICIAL OWNER IN TAX LAW In many instances, the concept of beneficial owner can be found in tax law, enabling the taxpayers to lower the taxation of their income. Despite the fact that the term beneficial owner is not very commonly used in the Czech law, interpretation of this term is important part of the international tax law. Therefore, the purpose of my Theses is to review relevant laws (including Czech tax law, international tax law, European law, and relevant Czech and international court's decisions) to determine common characteristics of the term beneficial owner as it is used in the above mentioned fields of law. In the European law, the term beneficial owner can be found in two European directives - "Interest and royalty payments directive" and "Income savings directive". Although there are differences between the interpretation on the term beneficial owner in these European directives (based mostly on the fact that one directive is applicable to natural persons whereas the other one to legal entities), we can say that the purpose and aim of the regulation is the same. The OECD and its fiscal committee are concern with the interpretation and appropriate application of the term beneficial owner in the...
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Legal position and activities of the Czech National Bank
Koutná, Jana ; Vondráčková, Pavlína (advisor) ; Novotný, Petr (referee)
Legal status and activities of the Czech National Bank This thesis focuses on the legal aspects of the position of the Czech National Bank and its activities. The aim of the work is to describe the Czech National Bank as an indispensable and irreplaceable institution. Given the scope of the issue is the work written to provide an overview of the most important facts. The work is divided into an introduction and four chapters, the conclusions and list of sources. In the introduction the author justifies the choice of the topic of the thesis, sets out the basic objectives of the work and gives a brief outline description of each chapter. In the first chapter the author introduces the reader to the development of central banking in our country from the Austro - Hungarian Empire until the establishment of the independent Czech Republic. The second chapter deals with the legal status of the Czech National Bank. The author describes the Czech National Bank as a constitutional body and defines its relationship to other constitutional authorities, appointment and dismissal of members of the board, and mentions the concept of independence of the Czech National Bank. The third chapter is devoted to the question of a possible euro adoption in the Czech Republic and the Czech National Bank's relationship to...
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Transfer pricing between related parties and its issues
Čech, Prokop ; Novotný, Petr (advisor) ; Vondráčková, Pavlína (referee)
Transfer pricing between related parties and its issues As the globalization of the world continues, and as the companies are merging into multinational enterprises, the number of transactions between related parties under circumstances that would not be concluded between unrelated parties is rising. The correct application of transfer pricing between related parties ensures that the transactions are concluded as it would have been between unrelated parties. More and more attention is paid to issue of transfer pricing, frequently in connection with tax planning and tax optimization, which is partly misleading. The tax consequences of transfer pricing are nonetheless substantial. The purpose of this thesis is to analyse transfer pricing issues in the Czech Republic in the context of international rules and standards as set by international organizations, mainly Organization for Economic Cooperation and Development (OECD), United Nations (UN) and European Union (EU), primarily from the tax perspective. The thesis is composed of 11 chapters. In first chapters the thesis describes the basics of transfer pricing, the concept of related parties, arm's length principle, transfer pricing methods and transfer pricing documentation. The next chapters are mainly focused on international transfer pricing...
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Taxation of income of natural persons (comparison of legislation in the CR and selected EU countries)
Boušková, Natalie ; Novotný, Petr (advisor) ; Vondráčková, Pavlína (referee)
Taxation of Personal Income (a comparison of the legislation in the Czech republic and selected countries of EU) The topic of taxation of personal income has been chosen by the author of this diploma thesis. The original purpose was to describe and analyze the legislation in two states, Czech Republic and Slovak Republic, which had existed as a common state more than 70 years in the 20th century. Therefore it could be interesting to follow up, what had happened during the last 20 years after the disintegration of the common state. This thesis is divided into five parts (including an introduction and a conclusion), which are generally subdivided into the chapters and subchapters. The thesis was written in accordance with the law applicable on the 1st October 2013. In the first part of the thesis, the author deals with the Czech laws regulating an income tax of individuals. She defines and briefly explains an essential terminology related to that part of legislation including some proposed amendments of the Acts. As a main source the Law on Income Taxes, no. 586/1992 was used. It is important to highlight also the chapter number 4 which is focused not only on the Czech territory, but which analyses the problem with an international double taxation of worldwide incomes of a natural persons, including...
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The tax system and agreements on the avoidance of double taxation
Kohoutová, Petra ; Novotný, Petr (advisor) ; Vondráčková, Pavlína (referee)
1 Abstract: The tax system and agreements on the avoidance of double taxation This diploma thesis "The tax system and agreements on the avoidance of double taxation" is focused on practical issues in the field of using international corporate structure in order to decrease the tax liability applicable on entrepreneurs. The diploma thesis includes the basic description of the legal rules applicable in the Czech Republic, such as acts and also international treaties. In the field of EU law, the diploma thesis described briefly EU directives based on which it is possible to transfer dividends, interest and royalties between mother and daughter companies without withholding tax payable in the Czech Republic. International treaties described in this diploma thesis were double taxation avoidance treaties between the Czech Republic and Cyprus and between Cyprus and Seychelles. First part of the diploma thesis is describing legal regulation of income taxes applicable in the Czech Republic. It is aimed mainly on interests, dividends and royalties. The first part of the diploma thesis is of theoretical nature which gives basics for the second and third part which practically analyze possibilities to decrease tax burdens of entrepreneurs. Second part of the diploma thesis brings analysis of individual model situations...
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Liberalization of restrictions upon the acquisition of real property by foreigners in the Czech Republic
Krylová, Jana ; Novotný, Petr (advisor) ; Vondráčková, Pavlína (referee)
The purpose of this thesis is to analyse the progress and development connected to the acquisition of domestic real estate by foreign exchange non-residents, especially the changes in legal regulations which deal with this issue, and to document this liberalisation with examples from court procedures. This thesis comprises seven chapters; the first two chapters are designated for the introduction, where the goals of this thesis are defined, and for a short historical excursion which introduces the issue from a historical context. The core of this thesis is chapters three, four and five. Chapter three describes and evaluates the development of this issue in the period between November 1989 and the adoption of the last Foreign Exchange Act. The most attention is paid to the dynamic development of the regulations in the Foreign Exchange Act and on the context of other matters which had a large impact on its provisions. The purpose was to order the single chapters and subchapters so that they constitute a logical unit on the one hand, but on the other hand each subchapter deals with its own topic and part of the issue. Logical milestones are events like the Accession of the Czech Republic to the European Union and the expiration of transitive periods. Factually the single subchapters deal with special...
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Taxation of freelance artistic professions in the Czech Republic between 2007 - 2013
Šich, Jaroslav ; Vondráčková, Pavlína (advisor) ; Novotný, Petr (referee)
V anglickém jazyce: The subject of my rigorous thesis consists in complex analysis of the matter of taxation of freelance artistic professions in the Czech Republic (and also concisely in the European Union and Ireland) within the monitored years from 2007 to 2013, whereas I have chosen this period particularly due to the reason that this period demonstrates very aptly the variability of state approach to the taxation of self- employed and freelance persons reflecting wide scale of changes to the Czech tax legislation. In my rigorous thesis, I have primarily focused on the illustration of current state of Czech tax legislation and further on the thorough analysis of crucial amendments to the tax regulations, whereas I have also professionally reviewed the impact of those changes including the introduction of factual comparative indicators. Following the execution of analysis of the above defined subject, I have drawn a conclusion in which manner the regulation of taxation of artists may be administered. Among the measures proposed by me pertains for instance the elimination of the minimum assessment basis for social insurance payments, whereas the artists would be obligated to pay the social insurance merely from the actually achieved tax basis, or the increase of expenses allowance for artists to...
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Taxation of income of natural persons from their employment and emoluments
Beran, Vratislav ; Vondráčková, Pavlína (advisor) ; Novotný, Petr (referee)
Tax income of natural persons from paid employment and emoluments The thesis deals with natural persons` income tax from paid employment and benefits. The paper is divided into seven chapters, which are also further subdivided. The first chapter defines the subjects of tax on personal income from employment and fringe benefits, the second chapter is devoted to the subject of taxation. In this chapter are defined both income which are subjected to tax, and income that are tax-free or exempted from tax. The third chapter deals with the determination of the tax base of the natural persons` income tax from paid employment and emoluments. In the fourth chapter then describes the procedure for determining the amount and collection of the tax on personal income from employment and fringe benefits. The fifth chapter is dedicated to three, in my opinion, the most common methods of evasion of individuals` income tax from employment and benefits, which are so called "švarcsystém" (which means hiring entrepreneurs instead of employees), black economy and tax lower than it actually paid income. The sixth chapter deals with the issue of natural persons` income tax from paid employment and fringe benefits tax non-residents arising from sources in the Czech Republic and of the natural persons` income tax from employment...
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Taxation of income of business companies and their members (comparison of legal regulation in the Czech Republic and selected EU countries)
Rochfalušiová, Božena ; Novotný, Petr (advisor) ; Vondráčková, Pavlína (referee)
Taxation of Corporations and their Shareholders (Comparison of the Legislation of the Czech Republic, Slovak Republic and Great Britain in the Process of Harmonization of Direct Taxes in the EU) Abstract The purpose of my thesis is to compare taxation of income of companies and their shareholders according to Czech, Slovak and British legislation in the process of continuous approximation of the laws of the Member States of the European Union. Direct income-related taxes have a direct impact on profit of the companies. It is corporate income tax which can significantly affect business in a single market because capital, unlike labour, is a highly mobile factor that can flexibly move to countries with favourable tax treatment. The difference in corporate tax causes economic distortions; it affects businesses when deciding on placement and investment financing. The thesis is composed of nine chapters. The first chapter briefly examines harmonization process of direct taxes in the European Union. The chapter one consists of three subchapters. The first subchapter investigates the differences between tax harmonization and tax coordination. In second subchapter I am dealing with European directives which have direct impact on the direct-related taxes in the European Union. The third subchapter focuses on...
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