Average price of fuel

Decree No. 140 provides for the average price of fuel for travel reimbursement purposes. The average price of fuel shall be the following: Special - Kc 22.00; Super - Kc 23.10; Natural - Kc 22.50 and Diesel - Kc 18.90. The Decree is effective from 1 July 1998.

Amendment to the Act on Lotteries

The amendment to the Act on Lotteries was published under No. 149. We provided detailed information about the amendment in the July edition of Tax News. The Act is effective, with the exception of several provisions, from 1 September 1998.

Insurance and financing of exportation supported by the State

The Act on Insurance and Financing of Exportation Supported by the State was published under No. 151. Exportation risks will be insured or more advantageous financing provided, if the exportation value produced in the Czech Republic shall exceed 60% of the price agreed between the exporter and importer. The Act is effective as of 8 July 1998.

Chemical substances

A New Act on Chemical Substances and Chemicals was published under No. 157. The Act is effective from 1 January 1999.

Waiver of penalty

A Decree of the Ministry of Labour and Social Affairs was published under No. 161 and entitles Social Security Authorities to waive penalties for non payment of social security insurance. A penalty of up to CZK 20,000 can be waived by the Regional Social Security Authority. A penalty of more than CZK 20,000 but not exceeding CZK 500,000 can be waived only by the Czech Social Security Authority. The Decree is effective from 13 July 1998.

Amendment to the Act on Banks

The Act that amends the Act on Banks was published under No. 165. We provided details of the amendments in the June edition of Tax News. The Act is effective from 1 September 1998.

Amendment to the Income Taxes Act and Tax Collection Act

The Act that amends the Income Taxes Act and Tax Collection Act was published under No. 168. We provided details of the amendments in the June edition of Tax News. The Act is effective from 16 July 1998.

Amendment to Inheritance, Gift and Real Estate Transfer Tax Act

The Act that amends the Inheritance, Gift and Real Estate Transfer Tax Act was published under No. 169. We provided details of the amendments, in the June and July editions of Tax News. The Act is effective from 16 July 1998.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

For further information on the above, please contact Mr Richard Fletcher by telephone on +420 2 2440 1300 or E-mail directly to Click Contact Link