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Re: [Czechlist] fyzicke osoby nepodnikatele

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  • 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 1 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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