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Allen & Overy Advises on Introduction of Bondholder Tax Certification Procedures in Czech Republic

Allen & Overy Advises on Introduction of Bondholder Tax Certification Procedures in Czech Republic

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Allen & Overy, in partnership with Clearstream and Euroclear, has advised on the drafting and implementation of bondholder tax certification procedures in the Czech Republic.

"These procedures are designed to provide for the effective management of issuers’ post-issuance withholding tax compliance obligations arising under the new 2022 Czech Eurobond taxation rules," Allen & Overy informed. "The procedures represent a complex multiparty information chain arrangement, which will enable Czech issuers to once again tap into the essential Eurobond market while allowing them to duly address the withholding tax obligations that they have as withholding agents. This should relieve issuers of the existing financial and reputational risks, and significantly reduce the costs of financing by enabling issuers to avoid the adverse consequences of grossing-up payments to investors."

According to Allen & Overy, the procedures were finalized and approved by the International Capital Market Services Association.

The Allen & Overy team was led by Partner Petr Vybiral and included Senior Tax Adviser Michal Dusek and Junior Lawyer Jan Mourek.

Czech Republic Knowledge Partner

PRK Partners, one of the leading Central European law firms, has been helping clients achieve their business objectives almost 30 years. Our team of lawyers, based in our Prague, Ostrava, and Bratislava offices, has a unique knowledge of Czech and Slovak law and of the business environment. Our lawyers studied at top law schools in the United States, United Kingdom, Switzerland and elsewhere. They also have experience working for leading international and domestic law firms in a number of jurisdictions. We speak your language, too. Our legal team is fluent in more than 15 languages, including all the key languages of the region.

PRK Partners has one of the most experienced legal teams on the market. We are consistently rated as one of the leading law firms in the region. We have received many significant honours and awards for our work. We represent the interests of international clients operating in the Czech Republic in an efficient way, combining local knowledge with an understanding of their global requirements in a business-friendly approach. We are one of the largest law firms in the Czech Republic and Slovakia. Our specialised teams of lawyers and tax advisors advise major global corporations as well as local companies. We provide comprehensive legal advice drawing on our profound knowledge of local law and markets.

Our legal advice delivers tangible results – as proven by our strong track record. We are the only Czech member firm of Lex Mundi, the world's leading network of independent law firms. As one of the leading law firms in the region, we have received many national and international awards, in some cases several years in a row. Honours include the Chambers Europe Award for Excellence, The Lawyer and Czech and Slovak Law Firm of the Year. Thanks to our close cooperation with leading international law firms and strong local players, we can serve clients in multiple jurisdictions around the globe. Our strong network means that we can meet your needs, wherever you do business.

PRK Partners has been repeatedly voted among the most socially responsible firms in the category of small and mid-sized firms and was awarded the bronze certificate at the annual TOP Responsible Firm of the Year Awards.

Our work is not only “business”: we have participated on a longstanding basis in a wide variety of pro bono projects and supported our partners from the non-profit sector (Kaplicky Centre Endowment Fund, Tereza Maxová Foundation, Czech Donors Forum, etc.).

Firm's website: www.prkpartners.com

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