Czech Republic announces record tax cuts to support economy

The Czech lower house approved a record tax cut on Tuesday that the government says will ease the economic pain of the pandemic, but which critics say will hit public finances and help mainly richer Czechs.

Parliament’s lower house accepted the Senate’s version of the bill which scaled back the cost of the tax cut by getting rid of a tax credit.

The tax cut is expected to cost state and regional governments around 100 billion crowns ($4.65 billion) or about 1.7% of gross domestic product, next year.

via Reuters