Czech tax revenues fall CZK 61.8 billion

by   CIJ Linguistics
2020-10-19   09:13
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Tax revenues in the Czech Republic fell 8 percent for the first three quarters of 2020 to CZK 726 billion. Much of the CZK 61.8 billion reduction in earnings came from lower corporate taxes, which fell CZK 28.5 billion to CZK 116.7 billion. The coronavirus crisis, of course, is behind the result, since taxes as well as business activity has fallen off dramatically since March. Compared to 2019, the volume of VAT collected by the state between January and the end of September fell CZK 6 billion to CZK 301.2 billion, according to the Finance Ministry. Meanwhile, personal income tax collections are down CZK 17.2 billion for the period to just CZK 161.1 billion. The shortfall is having a mixed impact on state bodies. Lidove noviny reports that the state keeps most of the revenues, but that the regions receive 8.92 percent of those revenues while municipalities keep 23.58 percent.