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Customs Duty There is considerable degree of sensitivity regarding the import of agricultural products into the Czech Republic and in certain cases there is an extremely high rate of customs duty. Companies of which at least 30% of their share capital is foreign-owned, are exempt from customs, subject to certain conditions, providing that the amount exported by the company exceeds the amount of the customs-free imports. Real Estate Taxes Tax is imposed on both land and buildings. The amount of the tax and the method of its calculation vary according to the type of land (agricultural, business, etc.) and the location. The calculation is usually according to the overall area of the real estate. As a general rule, the tax is imposed on the owner of the asset. In certain circumstances, the tax liability is transferred to the user. Inheritance and Gifts Tax The principle of the tax laws in regard to legacies and gifts is similar to that accepted in other countries of the EU, but at lower rates (between 1% and 40%). As a general rule, legacies and gifts are taxable but there are extensive exemptions that depend on the degree of the family relationship between the heir / the recipient of a gift and the testator / the person conferring the gift. So that for example, a close relative (children / a spouse ) are completely exempt from inheritance tax. It may be stated in general that the rate of tax on inheritance, if applicable, constitutes only 50% of the amount of tax imposed on any identical asset that is given as a gift. Real Estate Transfer Tax Tax is at a fixed rate of 3% on the basis of the assessment made by the tax authorities even if the price recorded in the contract is lower than the assessment made. |
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