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Czech News in English » Business » Finance » VAT ledger statements win Czech award for bureaucratic absurdity

VAT ledger statements win Czech award for bureaucratic absurdity

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Prague, May 4 (CTK) – The VAT ledger statements that were introduced in the country in January won the 2016 mock award for the most bureaucratic absurdity, which is declared within the contests for the best Czech firms and entrepreneurs of the year, the organisers said on Wednesday.

The Finance Ministry introduced the VAT ledger statements as an instrument aimed at preventing tax evasion.

As of this year, all VAT registered companies must send these special tax statements once a month. Individuals who pay the value-added tax must send them once in three months. The VAT ledger statements replace neither the regular VAT statements nor the overall statements.

In their criticism, the organisers challenged the ways in which the tax authorities proceeded and the fines they imposed. The new measure neither replaces nor improves anything and it is merely an extra duty, they said.

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