The Czech Finance Ministry’s plans to cut the two existing VAT rates by one percent to 20 and 14 percent, respectively, in 2016 have not been approved by the coalition parties and would have an disproportionate impact on the state budget, Prime Minister Bohuslav Sobotka has said. Mr Sobotka’s remarks came in a reaction to the daily Mladá fronta Dnes’ report on Wednesday detailing the plans. The Finance Ministry would also like to introduce a third, 10-percent VAT rate next year that would apply to drugs, books, and baby food; the prime minister said this was a reasonable compromise.
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