The Czech Ministry of Finance is considering proposals to unify the nation's split value-added tax regime more rapidly and with the introduction of a higher rate than previously announced, to support budget consolidation efforts.
A study into the proposal found that if the nation was to unify the two tax rates, of 20% and 14%, under a new 19% rate in mid-2012 it would increase government revenues by CZK25bn (USD1.3bn) a year - representing half the anticipated budgetary shortfall.
This would bring forward the tax's unification by one year, and be substantially higher than the 17.5% rate previously proposed.
The lower value-added tax rate now of 14%, was hiked on January 1, 2012, from 10%.
.Tags: tax | law | business | legislation | tax rates | value added tax (VAT) | Czech Republic | fiscal policy | VAT | Czech Republic
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