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[Czechlist] fyzicke osoby nepodnikatele

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  • James Kirchner
    Is fyzicke osoby nepodnikatele an actual tax category in the Czech Republic? In other words, is an individual treated differently based on whether or not he
    Message 1 of 9 , May 31, 2012
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      Is "fyzicke osoby nepodnikatele" an actual tax category in the Czech Republic?

      In other words, is an individual treated differently based on whether or not he operates a business?

      Does it specifically mean an individual who does not hold a zivnostensky list?

      Thanks for any help.

      Jamie
      kde zivnostensky list neexistuje


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    • Matej Klimes
      Yes, it s a physical entity (person) who does not have a ZL and only has taxed income from an employer and/or income that doesn t require them to have ZL and
      Message 2 of 9 , May 31, 2012
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        Yes, it's a physical entity (person) who does not have a ZL and only
        has taxed income from an employer and/or income that doesn't require
        them to have ZL and file for taxes.. their income tax and
        medical/social insurance, which is also a form of taxation here, is
        withheld by their employer, they don't do tax returns..

        OSVC is Osoba samostatne vydelecne cinna - a physical entity with a ZL,
        who works for themselves and files for taxes

        then there's pravnicka osoba - a company

        I'm affraid you're going to have to explain, as this category doesn't
        exist in the US (AFAIR), everyone does tax returns, whether they are
        employed, self-employed, or unemployed, right??

        M
        ------ Original Message ------
        From: "James Kirchner" <czechlist@...>
        To: czechlist@...
        Sent: 31.5.2012 16:19:38
        Subject: [Czechlist] fyzicke osoby nepodnikatele
        > Is "fyzicke osoby nepodnikatele" an actual tax category in the Czech
        >Republic?
        >
        >In other words, is an individual treated differently based on whether
        >or not he operates a business?
        >
        >Does it specifically mean an individual who does not hold a
        >zivnostensky list?
        >
        >Thanks for any help.
        >
        >Jamie
        >kde zivnostensky list neexistuje
        >
        >_______________________________________________
        >Czechlist mailing list
        >Czechlist@...
        >http://www.czechlist.org/cgi-bin/mailman/listinfo/czechlist
        >


        [Non-text portions of this message have been removed]
      • Josef Hlavac
        What do you mean by a tax category ? The Czech income tax act distinguishes fyzicke osoby and pravnicke osoby , and in case of fyzicke osoby , describes
        Message 3 of 9 , May 31, 2012
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          What do you mean by a "tax category"?

          The Czech income tax act distinguishes "fyzicke osoby" and "pravnicke
          osoby", and in case of "fyzicke osoby", describes how to tax various
          kinds of income. These kinds of taxable income include income from
          employment (Section 6), income from business carried out as an
          individual (Section 7), capital gains (Section 8), etc...

          It is not unusual for people to have income under several different
          sections (business + employment + rent, for instance).

          Some laws (and contracts, e.g. other than statutory warranties on
          purchased goods), do distinguish "nepodnikatel" from "podnikatel". In
          this case, "fyzicka osoba nepodnikatel" would be someone who may or may
          not have a "zivnostensky list" but who is purchasing particular goods,
          entering into a contract, etc. for private purposes only, not for
          business purposes.

          Anyway, I have a feeling that your question does not go to the point.
          What is it that you are really trying to find out?

          Josef



          On 31.5.2012 16:19, James Kirchner wrote:
          > Is "fyzicke osoby nepodnikatele" an actual tax category in the Czech Republic?
          >
          > In other words, is an individual treated differently based on whether or not he operates a business?
          >
          > Does it specifically mean an individual who does not hold a zivnostensky list?
          >
          > Thanks for any help.
          >
          > Jamie
          > kde zivnostensky list neexistuje
          >
          >
          > _______________________________________________
          > Czechlist mailing list
          > Czechlist@...
          > http://www.czechlist.org/cgi-bin/mailman/listinfo/czechlist

          _______________________________________________
          Czechlist mailing list
          Czechlist@...
          http://www.czechlist.org/cgi-bin/mailman/listinfo/czechlist
        • James Kirchner
          Thanks, Josef. I think you ve answered my question. Fyzicka osoba in my world is an individual . Pravnicka osoba in my tax world is a corporation . In
          Message 4 of 9 , May 31, 2012
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            Thanks, Josef. I think you've answered my question.

            "Fyzicka osoba" in my world is an "individual". "Pravnicka osoba" in my tax world is a "corporation".

            In my tax world, the code does not distinguish between income from employment and income from business carried out as an individual. It's all income, and it's VERY common for people here to have income from several categories. An American will typically have income from employment, capital gains and entrepreneurial business activities. Only the capital gains are classified separately.

            What I have here is a document indicating that certain income from Czech mutual funds is tax-free for "fyzicke osoby nepodnikatele", and I find the same term shown on web pages of banks doing business in the Czech Republic.

            For example, my friend's university student daughter here in the US has income from working as a sales clerk, and income from selling dresses on eBay. In the Czech Republic, would she be taxed differently on such mutual fund investment income than would a girl who only has a job and doesn't have a side business?

            Jamie

            On May 31, 2012, at 10:56 AM, Josef Hlavac wrote:

            > What do you mean by a "tax category"?
            >
            > The Czech income tax act distinguishes "fyzicke osoby" and "pravnicke osoby", and in case of "fyzicke osoby", describes how to tax various kinds of income. These kinds of taxable income include income from employment (Section 6), income from business carried out as an individual (Section 7), capital gains (Section 8), etc...
            >
            > It is not unusual for people to have income under several different sections (business + employment + rent, for instance).
            >
            > Some laws (and contracts, e.g. other than statutory warranties on purchased goods), do distinguish "nepodnikatel" from "podnikatel". In this case, "fyzicka osoba nepodnikatel" would be someone who may or may not have a "zivnostensky list" but who is purchasing particular goods, entering into a contract, etc. for private purposes only, not for business purposes.
            >
            > Anyway, I have a feeling that your question does not go to the point. What is it that you are really trying to find out?
            >
            > Josef
            >
            >
            >
            > On 31.5.2012 16:19, James Kirchner wrote:
            >> Is "fyzicke osoby nepodnikatele" an actual tax category in the Czech Republic?
            >>
            >> In other words, is an individual treated differently based on whether or not he operates a business?
            >>
            >> Does it specifically mean an individual who does not hold a zivnostensky list?
            >>
            >> Thanks for any help.
            >>
            >> Jamie
            >> kde zivnostensky list neexistuje
            >>
            >>
            >> _______________________________________________
            >> Czechlist mailing list
            >> Czechlist@...
            >> http://www.czechlist.org/cgi-bin/mailman/listinfo/czechlist
            >
            > _______________________________________________
            > Czechlist mailing list
            > Czechlist@...
            > http://www.czechlist.org/cgi-bin/mailman/listinfo/czechlist


            _______________________________________________
            Czechlist mailing list
            Czechlist@...
            http://www.czechlist.org/cgi-bin/mailman/listinfo/czechlist
          • Matej Klimes
            Don t even try to understand it, Jamie.. The girl with a job only wouold not have to worry about taxes at all - all she gets is net pay, which is (roughly
            Message 5 of 9 , May 31, 2012
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              Don't even try to understand it, Jamie..

              The girl with a job only wouold not have to worry about taxes at all -
              all she gets is net pay, which is (roughly speaking) gross minus
              employment tax minus social minus medical - alltogether something like
              55-60 procent of it disappears before she gets her check, poor thing..

              The girl with a job gets the same from her job and then files a tax
              return which is combined for people with jobs and self-empoloyed/with
              side income. She'll indicate what she earned in the job and how much
              income tax and social/medical was paid by her employer for her, then
              she indicates how much she made and spent on her separate business,
              does some totals and then she pays tax from the total, so whatever has
              already been paid by her employer counts - she's a bit better off and
              if she has some expenses, she doesn't pay as much tax as the girl
              above..

              A girl who only has a business/ZL (is not employed) files a different
              tax form, where she only declares her earnings and expenses and then
              calculates the tax/social/medical out of that - and if she pays a lot
              to a tax accountant and does the right thing, she can get away with
              paying less tax than both above, but it's still quite hefty (the total,
              with social and medical "insurance", which is just another form of tax
              here) compared to the US

              A girl who starts a company will presumably be employed by the company,
              will get some sort of salary and then may award herself some money from
              the copmpany's profits - after the company pays income tax on that -
              and then she does what girl # 2 above does, a tax return with income
              from her job plus all other income... she has to have an accountant
              (not required, but almost impossible for a normal person to do
              themselves) and she's got the best chance to pay the smallest tax
              possible out of all, but she'll spend a lot on her accountant..

              This is the 'for dummies' (no offense intended) version and there are
              details I've omitted, but that's roughly how it works

              Income from rent, capital income etc. are all a different category and
              everyone (person) who has any must file a tax return, I think,
              regardless of where they are in the four examples above

              M
              ------ Original Message ------
              From: "James Kirchner" <czechlist@...>
              To: czechlist@...
              Sent: 31.5.2012 17:21:53
              Subject: Re: [Czechlist] fyzicke osoby nepodnikatele
              > Thanks, Josef. I think you've answered my question.
              >
              >"Fyzicka osoba" in my world is an "individual". "Pravnicka osoba" in
              >my tax world is a "corporation".
              >
              >In my tax world, the code does not distinguish between income from
              >employment and income from business carried out as an individual. It's
              >all income, and it's VERY common for people here to have income from
              >several categories. An American will typically have income from
              >employment, capital gains and entrepreneurial business activities.
              >Only the capital gains are classified separately.
              >
              >What I have here is a document indicating that certain income from
              >Czech mutual funds is tax-free for "fyzicke osoby nepodnikatele", and
              >I find the same term shown on web pages of banks doing business in the
              >Czech Republic.
              >
              >For example, my friend's university student daughter here in the US
              >has income from working as a sales clerk, and income from selling
              >dresses on eBay. In the Czech Republic, would she be taxed differently
              >on such mutual fund investment income than would a girl who only has a
              >job and doesn't have a side business?
              >
              >Jamie
              >
              >On May 31, 2012, at 10:56 AM, Josef Hlavac wrote:
              >
              >> What do you mean by a "tax category"?
              >>
              >> The Czech income tax act distinguishes "fyzicke osoby" and
              >"pravnicke osoby", and in case of "fyzicke osoby", describes how to
              >tax various kinds of income. These kinds of taxable income include
              >income from employment (Section 6), income from business carried out
              >as an individual (Section 7), capital gains (Section 8), etc...
              >>
              >> It is not unusual for people to have income under several different
              >sections (business + employment + rent, for instance).
              >>
              >> Some laws (and contracts, e.g. other than statutory warranties on
              >purchased goods), do distinguish "nepodnikatel" from "podnikatel". In
              >this case, "fyzicka osoba nepodnikatel" would be someone who may or
              >may not have a "zivnostensky list" but who is purchasing particular
              >goods, entering into a contract, etc. for private purposes only, not
              >for business purposes.
              >>
              >> Anyway, I have a feeling that your question does not go to the
              >point. What is it that you are really trying to find out?
              >>
              >> Josef
              >>
              >>
              >>
              >> On 31.5.2012 16:19, James Kirchner wrote:
              >>> Is "fyzicke osoby nepodnikatele" an actual tax category in the
              >Czech Republic?
              >>>
              >>> In other words, is an individual treated differently based on
              >whether or not he operates a business?
              >>>
              >>> Does it specifically mean an individual who does not hold a
              >zivnostensky list?
              >>>
              >>> Thanks for any help.
              >>>
              >>> Jamie
              >>> kde zivnostensky list neexistuje
              >>>
              >>>
              >>> _______________________________________________
              >>> Czechlist mailing list
              >>> Czechlist@...
              >>> http://www.czechlist.org/cgi-bin/mailman/listinfo/czechlist
              >>
              >> _______________________________________________
              >> Czechlist mailing list
              >> Czechlist@...
              >> http://www.czechlist.org/cgi-bin/mailman/listinfo/czechlist
              >
              >_______________________________________________
              >Czechlist mailing list
              >Czechlist@...
              >http://www.czechlist.org/cgi-bin/mailman/listinfo/czechlist
              >


              [Non-text portions of this message have been removed]
            • James Kirchner
              This is very helpful, Matej. Thank you for going to the trouble of writing it! Jamie ... _______________________________________________ Czechlist mailing
              Message 6 of 9 , May 31, 2012
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                This is very helpful, Matej. Thank you for going to the trouble of writing it!

                Jamie

                On May 31, 2012, at 12:44 PM, Matej Klimes wrote:

                > Don't even try to understand it, Jamie..
                >
                > The girl with a job only wouold not have to worry about taxes at all -
                > all she gets is net pay, which is (roughly speaking) gross minus
                > employment tax minus social minus medical - alltogether something like
                > 55-60 procent of it disappears before she gets her check, poor thing..
                >
                > The girl with a job gets the same from her job and then files a tax
                > return which is combined for people with jobs and self-empoloyed/with
                > side income. She'll indicate what she earned in the job and how much
                > income tax and social/medical was paid by her employer for her, then
                > she indicates how much she made and spent on her separate business,
                > does some totals and then she pays tax from the total, so whatever has
                > already been paid by her employer counts - she's a bit better off and
                > if she has some expenses, she doesn't pay as much tax as the girl
                > above..
                >
                > A girl who only has a business/ZL (is not employed) files a different
                > tax form, where she only declares her earnings and expenses and then
                > calculates the tax/social/medical out of that - and if she pays a lot
                > to a tax accountant and does the right thing, she can get away with
                > paying less tax than both above, but it's still quite hefty (the total,
                > with social and medical "insurance", which is just another form of tax
                > here) compared to the US
                >
                > A girl who starts a company will presumably be employed by the company,
                > will get some sort of salary and then may award herself some money from
                > the copmpany's profits - after the company pays income tax on that -
                > and then she does what girl # 2 above does, a tax return with income
                > from her job plus all other income... she has to have an accountant
                > (not required, but almost impossible for a normal person to do
                > themselves) and she's got the best chance to pay the smallest tax
                > possible out of all, but she'll spend a lot on her accountant..
                >
                > This is the 'for dummies' (no offense intended) version and there are
                > details I've omitted, but that's roughly how it works
                >
                > Income from rent, capital income etc. are all a different category and
                > everyone (person) who has any must file a tax return, I think,
                > regardless of where they are in the four examples above
                >
                > M
                > ------ Original Message ------
                > From: "James Kirchner" <czechlist@...>
                > To: czechlist@...
                > Sent: 31.5.2012 17:21:53
                > Subject: Re: [Czechlist] fyzicke osoby nepodnikatele
                >> Thanks, Josef. I think you've answered my question.
                >>
                >> "Fyzicka osoba" in my world is an "individual". "Pravnicka osoba" in
                >> my tax world is a "corporation".
                >>
                >> In my tax world, the code does not distinguish between income from
                >> employment and income from business carried out as an individual. It's
                >> all income, and it's VERY common for people here to have income from
                >> several categories. An American will typically have income from
                >> employment, capital gains and entrepreneurial business activities.
                >> Only the capital gains are classified separately.
                >>
                >> What I have here is a document indicating that certain income from
                >> Czech mutual funds is tax-free for "fyzicke osoby nepodnikatele", and
                >> I find the same term shown on web pages of banks doing business in the
                >> Czech Republic.
                >>
                >> For example, my friend's university student daughter here in the US
                >> has income from working as a sales clerk, and income from selling
                >> dresses on eBay. In the Czech Republic, would she be taxed differently
                >> on such mutual fund investment income than would a girl who only has a
                >> job and doesn't have a side business?
                >>
                >> Jamie
                >>
                >> On May 31, 2012, at 10:56 AM, Josef Hlavac wrote:
                >>
                >>> What do you mean by a "tax category"?
                >>>
                >>> The Czech income tax act distinguishes "fyzicke osoby" and
                >> "pravnicke osoby", and in case of "fyzicke osoby", describes how to
                >> tax various kinds of income. These kinds of taxable income include
                >> income from employment (Section 6), income from business carried out
                >> as an individual (Section 7), capital gains (Section 8), etc...
                >>>
                >>> It is not unusual for people to have income under several different
                >> sections (business + employment + rent, for instance).
                >>>
                >>> Some laws (and contracts, e.g. other than statutory warranties on
                >> purchased goods), do distinguish "nepodnikatel" from "podnikatel". In
                >> this case, "fyzicka osoba nepodnikatel" would be someone who may or
                >> may not have a "zivnostensky list" but who is purchasing particular
                >> goods, entering into a contract, etc. for private purposes only, not
                >> for business purposes.
                >>>
                >>> Anyway, I have a feeling that your question does not go to the
                >> point. What is it that you are really trying to find out?
                >>>
                >>> Josef
                >>>
                >>>
                >>>
                >>> On 31.5.2012 16:19, James Kirchner wrote:
                >>>> Is "fyzicke osoby nepodnikatele" an actual tax category in the
                >> Czech Republic?
                >>>>
                >>>> In other words, is an individual treated differently based on
                >> whether or not he operates a business?
                >>>>
                >>>> Does it specifically mean an individual who does not hold a
                >> zivnostensky list?
                >>>>
                >>>> Thanks for any help.
                >>>>
                >>>> Jamie
                >>>> kde zivnostensky list neexistuje
                >>>>
                >>>>
                >>>> _______________________________________________
                >>>> Czechlist mailing list
                >>>> Czechlist@...
                >>>> http://www.czechlist.org/cgi-bin/mailman/listinfo/czechlist
                >>>
                >>> _______________________________________________
                >>> Czechlist mailing list
                >>> Czechlist@...
                >>> http://www.czechlist.org/cgi-bin/mailman/listinfo/czechlist
                >>
                >> _______________________________________________
                >> Czechlist mailing list
                >> Czechlist@...
                >> http://www.czechlist.org/cgi-bin/mailman/listinfo/czechlist
                >>
                >
                >
                > [Non-text portions of this message have been removed]
                >
                > _______________________________________________
                > Czechlist mailing list
                > Czechlist@...
                > http://www.czechlist.org/cgi-bin/mailman/listinfo/czechlist


                _______________________________________________
                Czechlist mailing list
                Czechlist@...
                http://www.czechlist.org/cgi-bin/mailman/listinfo/czechlist
              • Josef Hlavac
                I see. We are getting into the finer details of CZ tax laws :) And there is indeed a difference when it comes to investment income. The employee-only girl in
                Message 7 of 9 , May 31, 2012
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                  I see. We are getting into the finer details of CZ tax laws :) And there
                  is indeed a difference when it comes to investment income.

                  The "employee-only" girl in your scenario would always have her
                  investments taxed this way:
                  - Any gains acquired by the virtue of holding the securities (e.g.
                  dividends, interest and the like) would be taxed by withholding a
                  certain percentage at the source.
                  - Any gains from selling the securities at a higher price than bought
                  are tax-free, as long as she holds on to the securities in question for
                  at least 6 months before selling them. If the corresponding purchase and
                  sale are less than 6 months apart, any positive difference in the
                  purchase and sale price is taxable.

                  However, the other girl with a side business (who would have a
                  "zivnostensky list" in CZ) has a choice of two options.

                  First, she can choose to invest as a private individual. In that case,
                  her investment income is taxed the same way as with the first girl.

                  Second, she can choose the complicated way and invest as a business. She
                  records the purchases and sales of securities in her books as business
                  expenses and business revenue. Her gains are always taxed (the 6-month
                  test does not apply). However, in addition to deducting the purchase
                  price, she can also deduct any further expenses related to her
                  investments, such as making telephone calls to the broker, buying a
                  computer, etc. Sometimes (depending on her exact status), even potential
                  but unrealized gains will be taxed (that is, the changes in the value of
                  her portfolio at the end of the year).

                  For the details, see:
                  http://www.akcie.cz/radce-investora/investice-zaklady/akcie-dane/

                  Josef

                  On 31.5.2012 17:21, James Kirchner wrote:
                  > What I have here is a document indicating that certain income from Czech mutual funds is tax-free for "fyzicke osoby nepodnikatele", and I find the same term shown on web pages of banks doing business in the Czech Republic.
                  >
                  > For example, my friend's university student daughter here in the US has income from working as a sales clerk, and income from selling dresses on eBay. In the Czech Republic, would she be taxed differently on such mutual fund investment income than would a girl who only has a job and doesn't have a side business?

                  _______________________________________________
                  Czechlist mailing list
                  Czechlist@...
                  http://www.czechlist.org/cgi-bin/mailman/listinfo/czechlist
                • James Kirchner
                  This is very informative, Josef, and very clear. Thank you. I didn t find anything to rouse my American impulse to outrage until the last sentence, about the
                  Message 8 of 9 , May 31, 2012
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                    This is very informative, Josef, and very clear. Thank you.

                    I didn't find anything to rouse my American impulse to outrage until the last sentence, about the taxes on unrealized gains. In the US we're taxed on money we make, and we're occasionally taxed on taxes, but as far as I know, we're not taxed on money that doesn't exist yet. (Maybe we are and I don't know about it.) What happens if the person pays the tax on unrealized gains, never sells the investment, the market drops and now there's an unrealized loss?

                    When I lived in CZ there was a tax provision (typical in Europe, I was told), where a business owner has to pay tax on money a deadbeat customer has never paid him. Thank God I don't have that problem.

                    Jamie

                    On May 31, 2012, at 3:02 PM, Josef Hlavac wrote:

                    > I see. We are getting into the finer details of CZ tax laws :) And there is indeed a difference when it comes to investment income.
                    >
                    > The "employee-only" girl in your scenario would always have her investments taxed this way:
                    > - Any gains acquired by the virtue of holding the securities (e.g. dividends, interest and the like) would be taxed by withholding a certain percentage at the source.
                    > - Any gains from selling the securities at a higher price than bought are tax-free, as long as she holds on to the securities in question for at least 6 months before selling them. If the corresponding purchase and sale are less than 6 months apart, any positive difference in the purchase and sale price is taxable.
                    >
                    > However, the other girl with a side business (who would have a "zivnostensky list" in CZ) has a choice of two options.
                    >
                    > First, she can choose to invest as a private individual. In that case, her investment income is taxed the same way as with the first girl.
                    >
                    > Second, she can choose the complicated way and invest as a business. She records the purchases and sales of securities in her books as business expenses and business revenue. Her gains are always taxed (the 6-month test does not apply). However, in addition to deducting the purchase price, she can also deduct any further expenses related to her investments, such as making telephone calls to the broker, buying a computer, etc. Sometimes (depending on her exact status), even potential but unrealized gains will be taxed (that is, the changes in the value of her portfolio at the end of the year).
                    >
                    > For the details, see: http://www.akcie.cz/radce-investora/investice-zaklady/akcie-dane/
                    >
                    > Josef
                    >
                    > On 31.5.2012 17:21, James Kirchner wrote:
                    >> What I have here is a document indicating that certain income from Czech mutual funds is tax-free for "fyzicke osoby nepodnikatele", and I find the same term shown on web pages of banks doing business in the Czech Republic.
                    >>
                    >> For example, my friend's university student daughter here in the US has income from working as a sales clerk, and income from selling dresses on eBay. In the Czech Republic, would she be taxed differently on such mutual fund investment income than would a girl who only has a job and doesn't have a side business?
                    >
                    > _______________________________________________
                    > Czechlist mailing list
                    > Czechlist@...
                    > http://www.czechlist.org/cgi-bin/mailman/listinfo/czechlist


                    _______________________________________________
                    Czechlist mailing list
                    Czechlist@...
                    http://www.czechlist.org/cgi-bin/mailman/listinfo/czechlist
                  • Josef Hlavac
                    Well, as far as I know, the unrealized gains stuff only applies to fyzicke osoby when they reach some 25M CZK in turnaround, and there is certainly much
                    Message 9 of 9 , May 31, 2012
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                      Well, as far as I know, the "unrealized gains" stuff only applies to
                      "fyzicke osoby" when they reach some 25M CZK in turnaround, and there is
                      certainly much more number-juggling and figures-bending involved than I
                      am even dimly aware of. I would not be surprised to find something
                      similar in the accounting of large US corporations.

                      The "tax on money never received" provision is really there, in the VAT
                      law. (It may be elsewhere as well.) Guess what -- it has recently been
                      relaxed. We can claim back the tax if the deadbeat customer officially
                      goes into insolvency. Still far from perfect but better than before. I'm
                      still glad that I never had to use it, too.

                      Josef


                      On 31.5.2012 21:20, James Kirchner wrote:
                      > This is very informative, Josef, and very clear. Thank you.
                      >
                      > I didn't find anything to rouse my American impulse to outrage until the last sentence, about the taxes on unrealized gains. In the US we're taxed on money we make, and we're occasionally taxed on taxes, but as far as I know, we're not taxed on money that doesn't exist yet. (Maybe we are and I don't know about it.) What happens if the person pays the tax on unrealized gains, never sells the investment, the market drops and now there's an unrealized loss?
                      >
                      > When I lived in CZ there was a tax provision (typical in Europe, I was told), where a business owner has to pay tax on money a deadbeat customer has never paid him. Thank God I don't have that problem.
                      >
                      > Jamie
                      >
                      >

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