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The methods of the Tax Administrator have changed over the last several years. The interest on the lay payment is automatic, the Tax Administrator does not need to issue an adjustment notice and deliver it to the tax subjects. The tax subject can become a debtor and does not to know about that. You can prevent it when you control your Tax Box.
Tax Box is an electronic version of the evidence of the company’s tax account of, which is the Automatic Tax Information System (ADIS). You can verify your payments when opening Tax Box, if you are in debt or if you have paid all of the taxes, included advances, and that everything is correct and on time. Because of the wrong marking of the variable symbol, you can prevent becoming a debtor to the Tax Administrator or to pay the interest. While the interest rates are low at this time in the Czech Republic, the interest rates from VAT debt are based on the interest rate of 14 % + REPO rate of the ČNB, which stands at 14.05 % total today.
What do you need? Every legal entity automatically has this Tax Box available to them and can control it via the date box. The one, who is the box not available for, i.e. an empowered Tax Adviser can apply for disclosure of the box, for those who do not have it currently available, via an electronic signature.
We have been using this method for a couple of years now and we recommend controlling this data! One of the main reasons why is the way how ADIS actually works. It can make mistakes, especially in the situation when the subject submits a supplementary tax return or in cases when the subject has an overpayment for one tax and a back payment for another tax. More precisely, the service has to solve this problem of counting the late interest payment and specifying it correctly in some circumnutates. In case you get any adjustment of the late interest payment or that this interest has already been imposed, we recommend making a correctness check and to protest it immediately.
Tax Box helps with the financial statement, because during stocktaking the balance of the account should agree with the real balance, which is evidenced by the Tax Administrator. If you do not use Tax Box, I recommend that you open it immediately.