The Czech Republic’s lower house increased the 2024 budget deficit target to CZK 282 billion to allocate CZK 30 billion on 1 October 2024 for flood aid following severe rains in September.
The government initially raised the deficit target from CZK 252 billion and plans to allocate CZK 10 billion for flood damage in the 2025 budget.
The administration aims to lower the overall fiscal deficit to below the EU’s 3% gross domestic product (GDP) ceiling for the first time since 2019.
Earlier, the Czech Financial Administration announced various tax payment deferments, penalty waivers, and tax relief for citizens and businesses affected by the 18 September 2024 flooding.
The amendment to the 2024 budget passed with no opposition.
