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Czech tax on Banks and Energy firms to increase budget



The Czech Republic will tax the extraordinary profits to energy companies and banks in order to increase the budget revenue to cover the cost of subsidizing energy prices.

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The Czech Republic will tax the extraordinary profits to energy companies and banks in order to increase the budget revenue to cover the cost of subsidizing energy prices.

Accordingly, a tax rate of 60% will be applied from 2023-2025 for extraordinary profits due to rising energy prices and high interest rates.  This is seen as a key part of the Czech government's strategy to ease the impact of the worst living cost crisis in 30 years.

 Czech tax on Banks and Energy firms to increase budget

The Czech Ministry of Finance estimates that the extraordinary profit tax will bring about $3.4 billion to the budget in 2023. Meanwhile, the Czech government is expected to allocate $8.1 billion to subsidize households and businesses including energy subsidies (about $4 billion), pensions, and other welfare payments.

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The Czech budget deficit in 2022 is expected to reach 15.2 billion USD.  The Czech government plans to cut this figure to $12 billion next year.

Czech tax on Banks and Energy firms to increase budget

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