Czech reverses standard VAT rate cut and reduced VAT rate rise |
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1 February 2012 Update: Czech VAT 1% increase proposed in April 2012 The Czech government has indicated that it will not go ahead with plans to converge its standard VAT rate (currently 20%) with the reduced VAT rate (currently 14%) at a new rate of 19%. Click here to read the original planned Czech VAT rate cut The reversal comes following the publication of a better than expected economic performance for 2011. Originally, it had been forecast that the economy would shrink by 2%. However, in January 2012, a new forecast from the Finance Ministry has indicated that there will be a slight rise in GDP. |
