Final Word from Monday, March 7, 2016

VAT fraudsters use large transactions to make their illegal money, according to Dir. Martin Janeček of the GFŘ tax authority, and this is why the CR wants to push through reverse-charge VAT on the EU level for all transactions over €10,000. Please note that those are 10,000 euros. The new invoice-matching requirement applies to all transactions over 10,000 crowns, which is 25 times less. If the same €10,000 limit applied to invoice matching, relatively few small and midsize companies (SMEs) would be affected. Instead, hundreds of thousands of them are. This is just one of the ways Andrej Babiš is making life more difficult for SMEs. He realizes the political risk of attacking one of his voter bases, so ANO is now planning to contradict Babiš's own behavior by promoting the idea of family businesses. They are the engine that drives every successful country, he said. Indeed. But they are also the main impediment to Agrofert's greater success. [Czech Republic Rodinná firma Česko Kč]

Glossary of difficult words

fraudster - a person engaged in wrongful or criminal deception intended to result in financial or personal gain;

voter base - a group of voters who almost always support a single party's candidates for elected office;

impediment - a hindrance or obstruction in doing or achieving something.

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