PwC: different VAT rates could be in place in January due to legislation issues

23-11-2012

Three different rates of the value added tax could be in place in January 2013 due to a possible delay in approving the government’s tax legislation, the Czech branch of the advisory firm PricewaterhouseCoopers said on Friday. If the process of approving the tax package is delayed, a single VAT rate of 17.5 would come into force on January 1. This will be replaced by two rates of 15 and 21 percent, respectively when the government legislation comes into effect later in the month. This would be an unprecedented situation for the country’s businesses and firms, PwC said.