CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.


Close

Password Reminder

Please enter your email address to receive a password reminder.

 

Log into Tax-News+
Not registered yet? Find out about our daily news alert service »

Email Address: 
Password: 

Login »

Forgotten your password?


Today’s Top Headlines




Czech Prime Minister Proposes Bank Tax

by Ulrika Lomas, Tax-News.com, Brussels

16 February 2017

The ruling Czech Social Democratic Party, led by Prime Minister Bohuslav Sobotka, will introduce a special tax on the country's banks if it wins elections scheduled for later this year.

The party confirmed recently that the bank tax will form part of its election program and would be modeled closely on Austria's bank levy. The tax is intended to prevent banks from shifting untaxed profits out of the country.

The party accused the country's banking sector of having shifted CZK460bn in profits abroad over the last 14 years.

According to the SDP's announcement, the bank tax will be progressive, rising with the level of a bank's assets.

The tax will start at 0.05 percent on assets up to CZK50m (USD1.96m), increasing to up to 0.4 percent on banks with assets of more than CZK300bn.

The tax would be paid in addition to corporate tax and is expected to raise CZK11bn in revenue.

Elections to the Czech Republic's Chamber of Deputies are due to be held on October 27, 2017.

TAGS: tax | banking | Czech Republic | services

To see today's news, click here.

Leave a comment

Read our Posting Guidelines