VAT rate consolidation approved
Kofax has closely been monitoring the proposed VAT rate consolidation in the Czech Republic, which will lead to the replacement of the two current reduced VAT rates in the country (10% and 15%) and result in a new, single consolidated 12% reduced VAT rate.
The Czech Parliament has now finally approved the new 12% reduced VAT rate via the Upper House in Parliament.
The Czech Republic is a compliant territory for Kofax, and this approval means that Kofax can now initiate the process of incorporating the new 12% reduced VAT rate as part of its e-invoicing solution.
Kofax will communicate with our Czech customers to ensure that our e-invoicing solution supports the new reduced VAT rate by 1 January 2024, when it becomes effective in the Czech Republic.
The 10% and 15% VAT rates will remain part of our e-invoicing solution for an interim period, so that impacted suppliers can make use of these rates when raising credit and debit notes.