Czech Senate Approves Income Tax Cut Delay
by Ulrika Lomas, Tax-News.com, Brussels
05 January 2009
The Czech senate has approved legislation delaying a cut in income tax and lowering social security payments by 1.5%.
The personal income tax rate had been due to fall to 12.5% from 15% on January 1, 2009, but the government has decided to keep the rate at its former level.
The government will compensate by adjusting tax exemption levels, which were also due to fall in line with the tax cut. Also, social security payments made by employees have been lowered from 12.5% to 11% while similar payments made by companies have been reduced from 35% to 34%.
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