Deputy Prime Minister and Finance Minister of the Czech Rep. Andrej Babis speaks at the event. (Source: VNA)

Prague (VNA) – Details of the new law on electronic records of sales (EET) of the Czech Republic were introduced to Vietnamese businesses at a recent conference in Prague.

Jointly held by the associations of Vietnamese enterprises and students in the Czech Rep. and the host country’s Ministry of Finance and Department of finance management, the event also aimed to clear up Vietnamese companies’ queries relating to the enforcement of the law.

Deputy Prime Minister and Finance Minister of the Czech Rep. Andrej Babis affirmed at the seminar that his country will provide full information about the EET, saying that the law will increase the country’s tax collection by 18 billion koruna (about 666.7 million EUR), which will remarkably contribute to constructing and upgrading roads, hospitals, and schools in the country.

He hoped the EET will receive supports from businesses operating in the Czech Rep., including Vietnamese firms.

Deputy Finance Minister in charge of tax Alena Schillerova and EET experts detailed the nature of the law as well as the roadmap for enforcement of the law, stressing that the EET application will help create a fair business climate for all enterprises in the country and increase the budget collection.

Deputy PM Andrej Babis said relevant Czech agencies have organized numerous meetings with the local Vietnamese community to discuss the EET. He added that he will work with the aviation sector to promote the opening of a direct route between Vietnam and the Czech Rep., towards further fostering bilateral cooperation.

The EET concerns income tax payers, entrepreneurs , legal entities, sole traders and individuals that accept cash, cards, checks, bills of exchange or similar means , such as gift cards, meal vouchers, and tokens for their goods and services.
It requires entrepreneurs to connect their cash registers with financial agencies and print out receipts for customers, which is not common before.

Vietnamese businesses are playing a crucial role in the Czech Republic’s development as they are running a great number of wholesale and retail outlets in the country.

The law is scheduled to be applied from December 1 under a four-period roadmap to 2018. About 600,000 businesses will be effected by the law, including 20,000 Vietnamese firms.-VNA