On 14 July 2023, the Ministry of Finance of the Czech Republic released a statement indicating that the Chamber of Deputies, the lower house of parliament, has given its initial approval to the government’s recovery package. The package, which includes significant measures, such as raising the corporate income tax rate from 19% to 21% and consolidating the reduced rates of VAT (10% and 15%) into a single reduced rate of 12%, while maintaining the standard rate at 21%, has been endorsed in its first reading. The recovery package is set to undergo a second and third reading within the Chamber of Deputies, followed by a requirement for approval from the Senate. The next stage, the second reading, is scheduled for 5 September 2023.
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