Proposals for a 1% VAT rise in the Czech Republic in 2013 have now been finaliased.
In the first reading of a Bill to introduce a range of fiscal measures aimed at reducing the state’s deficit to below the Euro currency target of 3% of GDP. The measures include a rise in the standard and reduced Czech VAT rates to 21% and 15%, respectively.
The Czech Republic has had a number of false starts on its plans to change its Value Added Tax rates, including plans to cut them to a single rate of 17% last year. Much of the problem has been caused by a weak government coalition.
The Bill has now been approved by the Czech President, and will go into place on 1 January 2013.
VP Global Indirect Tax
Richard Asquith
Richard Asquith is VP Global Indirect Tax at Avalara, helping businesses understand their compliance obligations as they grow globally. He is part of the European leadership team which this year won International Tax Review's Tax Technology Firm of the Year. Richard qualified as an accountant with KPMG in the UK, and went on to work in Hungary, Russia and France with EY.