EK Partners

Tax returns and tax advice in Czech Republic

Tax, audit, valuation and accounting work in the Czech Republic is the field of EK Partners. The firm, which also uses the name EKP Advisory, works within Czech legislation and publishes its material in Czech. Its partners are registered tax advisers. The firm dates its activity to roughly a decade back, and its clients are largely companies, among them groups with holding structures and property developers.

Corporate income tax returns for legal entities are one of its main services. The firm presents the filing of a return as a legal duty every company must meet, and it argues that outsourcing the work is often the simplest and most economical choice for a business that does not want to keep specialist tax staff in house.

Transfer pricing between related companies

Transactions between companies in the same group are normal business practice, but for tax purposes their prices must reflect market conditions. The firm advises on transfer pricing so that intra-group deals can be shown to meet that standard. It treats this as a specialist area of tax advice that affects almost any group with more than one company.

Audit and related assurance services

Audit is part of the firm's offer, together with other services that sit directly or indirectly alongside an audit. The firm's material describes a service range that goes beyond the audit itself, so that a client can use one adviser for the surrounding work as well.

Valuation and expert opinions

Valuation covers two kinds of work. Where the law requires a formal expert report, the firm prepares one. Where a business needs a valuation to support a decision, such as a sale, an investment or a restructuring, the firm provides an advisory valuation. The firm presents this as a way of answering the question of what a company is worth, backed by a document suited to the purpose.

Excise duty, VAT and tax audits

Excise duty is explained by the firm as an indirect tax that, unlike VAT, applies only to selected commodities with the aim of regulating their price. The firm advises businesses that are subject to it, alongside VAT work.

Tax audits are another area. The firm notes that a tax inspection can be random or targeted, for example where there are suspicions of irregularities or unclear points in a tax return. It helps companies prepare when the authorities open an inspection.

Accounting and payroll

Bookkeeping is described as the systematic recording and analysis of a company's transactions, which the firm presents as the basis for managing its financial information. Payroll accounting covers the records of all wage transactions, including working hours, social security and tax deductions. The firm also prepares annual accounting reports and handles the wider administration that goes with them.

Seminars and a tax calendar

The firm runs regular seminars, webinars and conferences on tax matters and publishes a monthly tax calendar listing the deadlines businesses need to watch. It describes its events as a way of explaining legislative changes, trends and proven practice to the businesses it serves.

EK Partners, which uses the name EKP Advisory, is a Czech advisory firm working in tax, audit, valuation and accounting. Its website is in Czech and deals with Czech legislation. The firm says it has been active for ten years and is led by partners who are registered tax advisers.

What EK Partners does

• Tax returns and tax advice: including corporate income tax returns for legal entities, VAT and excise duty.
• Transfer pricing: advice on transactions between related companies so they meet market conditions.
• Audit and related services: audit work and other services connected to it.
• Valuation and expert opinions: formal expert reports where the law requires them and advisory valuations for decisions.
• Accounting and payroll: bookkeeping and payroll administration.
• Tax audit support: help when the tax authority opens an inspection.

Clients

Companies, including groups with holding structures and property developers.

Key facts

• Track record: about ten years
• Team: partners and managers who are tax advisers
• Events: regular seminars, webinars and conferences, plus a monthly tax calendar