PragueConnect.cz - Economy

PragueConnect.cz is providing resources for English speaking Business Professionals living in, visiting, or interested in Prague and Czech Republic. Browse our latest Economy articles, if you have interesting content to share with our users, please feel free to contact us anytime to discuss with us possible publication on PragueConnect.cz!

MF: Budget impact of lower tax on beer to reach CZK 160m

A negative budget impact of the considered reduction of VAT on beer delivered with help of a service in restaurants from 21 to 10% will likely reach CZK 160m. A considered reduction of VAT on non-alcoholic drinks served in restaurants will likely cause a decrease in the tax collection in the amount of CZK 65m. The new rates will likely take effect beginning July 1, 2016. This is estimated by the Ministry of Finance of the Czech Republic (MF), which proposes the VAT rate reduction in the framework of a support for so-called electronic revenue registration system. The proposal is in accordance with EU regulations, the ministry said. The draft will be submitted by Czech Minister of Finance (ANO) to the coalition council on February 8, 2016.

Source: www.cianews.cz