Tax Return 2024: Important Deadlines and Updates (Czech Republic)

Every year, tax returns cause stress for entrepreneurs and sole traders. In 2024, several changes occurred that are important to know.

Important Deadlines:

• April 2, 2024 - for filing without a tax advisor
• July 1, 2024 - with a tax advisor
• May 2, 2024 - for electronic filing (one month extra)

What's New in 2024:

1. Increased Taxpayer Allowance Basic taxpayer allowance increased to CZK 30,840 per year (CZK 2,570 per month).

2. Changes in Flat-Rate Tax Income limit for flat-rate tax entry increased to CZK 2 million.

3. Ecological Benefits New deductions for home photovoltaics and heat pumps.

4. Digitalization Mandatory electronic filing for selected entities.

What You Can Deduct:

• Donations (minimum CZK 1,000, max 15% of tax base)
• Mortgage interest
• Pension insurance
• Life insurance

Penalties for Late Filing:

• 0.05% of tax for each day of delay
• Minimum CZK 500, maximum CZK 300,000

Our Tip: Don't underestimate preparation. Gather all documents in advance. If unsure, use a tax advisor's services - they'll save you time and possible penalties.