BUSINESS IN SHORT

Tax offices' new institute of liability

THE INSTITUTE of liability for tax, implemented last year through the amendment to the law on VAT, has brought its first results. Thanks to the new system the Financial Administration received €300,000 from a firm whose business partner was unable to pay the tax, the SITA newswire reported on April 15.

THE INSTITUTE of liability for tax, implemented last year through the amendment to the law on VAT, has brought its first results. Thanks to the new system the Financial Administration received €300,000 from a firm whose business partner was unable to pay the tax, the SITA newswire reported on April 15.

The Financial Administration expects that there will be more such cases, said its head of František Imrecze, adding that firms should be more careful when deciding who to do business with. Companies who conduct business with firms listed as risky should expect to have to pay the VAT.

The main aim of the register is to let entrepreneurs know if they are conducting business with risky subjects, according to SITA.

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