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December 2nd, 2008
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News & Notes
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  • TAX -
    • Mirek Topolánek, chairman of the Civic Democratic Party (ODS), which won a majority of votes in the June 2–3 parliamentary elections but failed to gain a mandate in Parliament, said June 12 that the ODS is still pursuing the linchpin of its economic platform, a 15 percent flat tax. Many economic analysts have said the ODS will not be able to implement this reform because it did not win a majority in the elections.

  • LABOR -
    • The Czech Republic has one of the highest tax rates on labor in the world, according to data from the Organization for Economic Cooperation and Development. While individual income tax is not disproportionately high here compared to other countries, aggregate labor tax is the fourth-highest in Europe when social insurance payments are taken into account.

  • ARBITRATION -
    • An arbitration court of the Czech Economic and Agrarian Chambers ruled June 6 that Česká spořitelna pay the Czech Consolidation Agency, the government's bailout bank, almost 100 million Kč ($4.5 million) plus interest. Česká spořitelna said it will comply with the verdict but is considering filing an appeal.

  • FUNDING -
    • HVB Bank will soon be responsible for managing subsidies from the European Union and the Czech state budget earmarked for Czech companies, replacing Česká spořitelna, Euro OnLine reported June 6. According to the report, a ministerial commission recommended HVB Bank's bid to the Finance Ministry for signature.

  • ACQUISITION -
    • ČSOB completed the acquisition of the Zemský penzijní fond pension fund June 11. ČSOB formulated the acquisition with the fund's majority stakeholder, Mostecká uhelná, on April 10. Zemský penzijní fond has more than 14,000 clients and manages about 510 million Kč in client assets.

  • LOAN -
    • GE Money Bank has launched a new product to help people finance the purchase of agricultural equipment. These loans will allow them to pay for the equipment, including value-added tax.

  • AGREEMENT -
    • The National Bank of Canada (NBC) concluded an agreement with Italian bank UniCredit in late May allowing the former's clients to access UniCredit's services in the 16 countries in Central and Eastern Europe, including the Czech Republic. The agreement will also allow the NBC to assist its clients with transactions in these countries.


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