x

Coronavirus

Czech Republic OKs Plan to Cut Income Taxes

December 22, 2020

PRAGUE — The lower house of the Czech Parliament has approved a government plan to cut income taxes in an effort to help revive an economy hit by the coronavirus pandemic.

The lawmakers have reduced the main tax rate from 20.1% to 15% while the top earners will pay 23%.

The annual cost of the cuts will reach some 100 billion Czech crowns ($4.6 billion).

As part of the measure, the lower house agreed to increase the flat write-off on personal income tax by 3,000 crowns annually for the next two years.

The cuts split the ruling coalition. It was pushed through by the centrist ANO (YES) movement by Prime Minister Andrej Babis with help from the right-wing opposition.

The other coalition party, the leftist Social Democrats, was against it, arguing it is unjust for low-income employees.

The tax reform had already been approved by the upper house, the Senate. President Milos Zeman said he would not veto it, meaning it will become effective in January.

The Czech central bank expects the economy to contract by 7.2% this year before bouncing back with 1.7% growth next year.

RELATED

ATHENS – While the New Democracy government is easing health restrictions for rabid anti-vaxxers, those fully vaccinated against COVID-19 may need a fourth shot in the autumn.

Top Stories

General News

FALMOUTH, MA – The police in Falmouth have identified the victim in an accident involving a car plunging into the ocean on February 20, NBC10 Boston reported.

General News

NEW YORK – Meropi Kyriacou, the new Principal of The Cathedral School in Manhattan, was honored as The National Herald’s Educator of the Year.

General News

PHILADELPHIA – The Federation of Hellenic Societies of Philadelphia and Greater Delaware Valley announced that the Evzones, the Presidential Guard of Greece will be participating in the Philadelphia Greek Independence Day Parade on March 20.

Video

Mission…to Alonnisos, a TNH Documentary

O oceanic you sing and sail White on your body and yellow on your chimeneas For you're tired of the filthy waters of the harbors You who loved the distant Sporades You who lifted the tallest flags You who sail clear through the most dangerous caves Hail to you who let yourself be charmed by the sirens Hail to you for never having been afraid of the Symplegades (Andreas Empeirikos)   What traveler has not been fascinated by the Greek islands, drawn by the Sirens’ song of a traveler’s dreams? TNH and our video show ‘Mission’ marked the change of the season by transporting viewers into the heart of summer.

Enter your email address to subscribe

Provide your email address to subscribe. For e.g. abc@xyz.com

You may unsubscribe at any time using the link in our newsletter.