Construction to remain in 5-percent tax bracket as EU exemption is extended

27-06-2007

The European Commission is going to extend until 2010 an exemption under which construction work in the Czech Republic is in the lower, five-percent value added tax bracket, the Czech Press Agency reported. The exemption had been due to come to an end in January, and there were fears of a subsequent rise in house prices. The EC is due to officially announce the news next week.