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The numbers are in and according to Minister of Finance Alena Schillerová, the Czech Republic ran a deficit of CZK 367 billion for 2020, dwarfing 2009’s deficit of CZK 192 billion, making it the worst deficit in the country’s history by a long shot.  As rough as it is, this deficit is actually lower than what was expected; Originally, the Chamber of Deputies had signed off on allowing for a CZK 500 billion deficit. Schillerová explained that there was CZK 110.7 billion extra in unexpected revenues to pad the losses. Roughly half of the unexpected revenue came from taxes, and CZK 26 billion came from the European Union.  Overall, the total state budget revenues fell by CZK 47.7 billion, andRead more.

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Social Democrats stated that the new tax cut – the abolition of the super-gross wage – will not benefit any citizen in the Czech Republic. The new proposal, which was agreed on by the Chamber of Deputies, cuts the tax rate from 20% to 15% for low and medium-income groups. For high income groups, the tax will increase to 23%. Following the abolition, which is supposed to last two years, most of the citizens’ income will rise significantly. Therefore, if one makes 16000 CZK, his net wage would increase by 825 CZK; if 36000 -by 1845 CZK; if 80000 – by 4080 CZK. According to the calculations, the tax cut will benefit the employees who make under 140,000 CZK whileRead more.

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The confidence in the Czech economy among entrepreneurs and consumers fell by 4.4 points to 82 points in November compared to October results. According to the Czech Statistical Office, the most serious decrease was recorded in the entrepreneurial sector which was affected by the COVID-19 restrictions.  The business indicator fell to 81.7 points while the consumer one fell to 83.1 points. Jiří Obst, head of the CZSO business cycle survey department, stated: “The current situation still raises great concerns about the deterioration of the overall economic situation.”  The number of people who are afraid of unemployment is also growing significantly, Obst added. The pessimistic mood for the Czech economy started to spread again due to the second wave and anti-epidemicRead more.