In a move likely to aggravate neighbouring Germany, the Czech Finance Minister Stanislav Springl indicated last Friday that corporate taxes may be cut to 22% after the year 2006.
Currently standing at a rate of 28%, Czech corporate taxes are due to be cut to 24% by 2006, but Springl announced whilst speaking at a conference of Czech and Slovak entrepreneurs last week that the government may cut the levy further beyond 2006 by one or two percentage points.
However, the Minister ruled out the prospect of more extravagant cuts in taxation as carried out elsewhere in Eastern Europe, and reports have indicated that the Czech government is not opposed to the idea of a unification of the EU’s corporate tax base, recently proposed by Germany and France to prevent so called ‘tax-dumping’.
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