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Czech Business Body Supports Income Tax Plans

By Ulrika Lomas, Tax-News.com, Brussels

02 June 2014


Bodies representing small businesses in the Czech Republic have said that they approve of Government plans to amend the Income Tax Act as part of the country's new Convergence Program for the period 2014-17.

Andrej Babis, who is Deputy Prime Minister and Finance Minister, recently discussed the proposals with Bedrich Danda, who chairs the Association of Entrepreneurs and Traders, and with Karel Havlicek of the Association of Small and Medium-sized Enterprises and Crafts. Danda and Havlicek both said they agreed with Government plans.

The proposals include a CZK1.2m (USD59,500) cap on flat-rate expenses that some entrepreneurs can currently claim on 60 percent of gross income. Further, individuals who claim the deduction due to having rental income will no longer be eligible for the basic personal allowance.

However, the personal allowance will remain at CZK24,840. The Government says that the changes would not increase the tax burden on businesses.

Babis and Danda have also agreed to have more frequent meetings over economic issues.

The Convergence Program's tax plans respond to European Council tax policy recommendations. In particular, the Council said that there is a need to reduce discrepancies in the tax treatment of employees and the self-employed.

TAGS: tax | economics | entrepreneurs | employees | ministry of finance | self-employment | legislation | Czech Republic | legislation amendments | individual income tax

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