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Parliament approves significant tax cut that will affect 4 million Czechs
The Czech Parliament on Tuesday passed a significant tax cut which will
affect some 4 million Czech taxpayers next year. Employees will save an
average of around 400 crowns per month - or about 13 US dollars. That
isn't much but it is significant when one considers that in the Czech
Republic the average monthly salary still averages only 18,000 crowns -
around 800 dollars US. In that light, many Czechs will see the break as a
significant step.
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CNB rate hike signals 'end of the cheap mortgage'
The Czech National Bank surprised the financial markets by announcing a
quarter point higher interest rate of 2.0 percent starting this Monday.
The central bank governor said the board was concerned about inflationary
pressures, in large part due to soaring global oil prices. But the
minister of finance says the rate hike was premature. For the would-be
Czech homeowner, it may spell the end of cheap mortgages.
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Business News
In this week's business news; two mobile operators to provide TV reception
from next year; the OECD says of all its members the Czech Republic relies
the most on social insurance to fill the state coffers; Czech Airlines
records a 22 percent rise in passengers, while Prague airport also sees an
increase in numbers; and real estate prices are either stagnating or
falling in the Czech Republic.
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Business briefs
Ceska Sporitelna predicts 2013 Czech entry into eurozone; Initial
compromise reached with health insurance companies; Czech Republic has
among the highest perceived levels of corruption in the EU; Group of Civic
Democrats file criminal complaint over Unipetrol deal; Paroubek says France
may be willing to relax labour market restrictions on Czechs; COI imposes
record fine on Ahold supermarket chian
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Business briefs
Hyundai to build $1.2bn car plant in the Czech Republic; Premier Jiri
Paroubek has agreed to set up parliamentary commission on Unipetrol;
Swedish broadcaster MTG buys $115m stake in TV Prima; State to sell 56
percent stake in Severoceske Doly to CEZ for $375m; Retailers Tesco (UK)
and Carrefour (France) agree to asset swap in Taiwan, Czech, Slovak
republics More
