We would like to remind taxpayers that the deadline for reporting exempt personal income for the year 2024 is approaching, if the amount exceeded CZK 5 million. CZK. This fact must be notified to the tax administrator no later than the deadline for filing the tax return for the tax year in which the income was received.
Many taxpayers are unaware of this obligation and fail to file a notice, which can lead to significant penalties. Therefore, think carefully about whether, for example, you sold a large block of securities or a substantial business interest in a corporation in 2024, or whether you received a gift or inheritance of income for no consideration that could amount to more than $5 million. CZK.
The tax administration has stated that the obligation to report exempt income does not apply to income about which the tax administrator can obtain information from registers or records to which it has access and which it publishes on an official board. Therefore, the obligation to notify does not apply, for example, to the sale of a family house and related land. However, this exemption does not apply if the family home and land are acquired, for example, by gift from parents.
It is important to note that income may be exempt from tax, but the obligation to report it when it exceeds the CZK 5 million threshold remains. Otherwise, our initial satisfaction may be bitterly disappointed when we receive a penalty for not notifying the income or even for a notification that we have complied with but made late or only at the request of the tax authorities.
Autor: Jiří Jandečka
Many taxpayers are unaware of this obligation and fail to file a notice, which can lead to significant penalties. Therefore, think carefully about whether, for example, you sold a large block of securities or a substantial business interest in a corporation in 2024, or whether you received a gift or inheritance of income for no consideration that could amount to more than $5 million. CZK.
The tax administration has stated that the obligation to report exempt income does not apply to income about which the tax administrator can obtain information from registers or records to which it has access and which it publishes on an official board. Therefore, the obligation to notify does not apply, for example, to the sale of a family house and related land. However, this exemption does not apply if the family home and land are acquired, for example, by gift from parents.
It is important to note that income may be exempt from tax, but the obligation to report it when it exceeds the CZK 5 million threshold remains. Otherwise, our initial satisfaction may be bitterly disappointed when we receive a penalty for not notifying the income or even for a notification that we have complied with but made late or only at the request of the tax authorities.
Autor: Jiří Jandečka