Czech Banking Assoc. welcomes bank tax alternative

Czech Banking Assoc. welcomes bank tax alternative

Published at: 2019-05-21 09:36 | Author: CIJEurope.com
The Czech government spooked the financial sector in recent weeks by taking up the idea of implementing a bank tax. Proponents of the idea from the Social Democrats party saw it as a way to collect up to CZK 14bn, funds they needed in order to balance the government's budget. But while prime minister Andrej Babiš seemed to toy with the idea for a while, he seemed to sour on the same type of tax that's already caused significant harm in other countries such as Hungary and Romania. Babiš has since been trying to replace the bank tax with the creation of a National Development Fund, which would be funded by the country's largest banks: ČSOB, Česká spořitelna, Komerční banka and UniCredit Bank. The idea has been endorsed by the Czech Banking Association (CBA). The fund would be used to enable investments into rental flats, education, the construction of schools and kindergarten, transport infrastructure, digitalization of the economy and science.

Similar Stories:

CPI issues GBP 250m in green bonds
CPI Property Group has sold GBP 350m in green bonds, which means they'll be used for  »
Slovakia catering to small companies with low taxes
Slovakia reduced its taxes for entrepreneurs and for smaller companies. Those whose income  »
Koruna continues to strengthen
Czech Republic  ♦  Koruna continues to strengthen
The Czech koruna has continued its surprising climb, improving its two-year record along t  »
Koruna strength despite Iran tension surprises analysts
The Czech koruna has strengthened unexpectedly, taking many analysts by surprise, reports  »
Can you explain the issue of the so-called Greed Tax that was created by the Romanian gove   »
CIJ: Why is the financial crisis from the last decade still relevant today? The echoes ar   »
One of the long-standing paradoxes of Slovakia’s property market has long how difficult   »
The future is not out of our hands. Indeed, the main purpose of organised real estate is t   »