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April 29, 2018 3:39 pm | FILED UNDER: business

Tax Revenues Grow In 1st Quarter

By ČTK

Prague, April 29 (CTK) – Czech tax authorities collected some Kc93bn in value added tax (VAT) in the first quarter of this year, 13 percent more year on year, and corporate income tax brought in 1 percent more yr/yr at Kc39bn, according to data that the Financial Administration made public on the Internet.

 

Higher revenues were registered also in collection of individual income tax.

 

Total state revenues from taxes without social security insurance increased by 9 percent (Kc19.6bn) yr/yr to Kc234.9bn.

 

VAT, corporate income tax and individual income tax rank among the so-called shared taxes whose revenues go to the state budget and budgets of municipalities and regions.

 

Regions receive 8.92 percent and municipalities 23.58 percent of the total gross revenues from corporate income tax and individual income tax.

 

The share of municipalities and regions in VAT revenues has increased from a previous 21.4 percent so they could gain an extra around Kc8.5bn annually.

 

The state budget alone gained Kc62.8bn in VAT in the first quarter of this year, 10 percent more yr/yr. Corporate income tax brought Kc26.7bn to the state coffers, a 1.3 percent yr/yr growth.

 

As of this year, a law on tax from gambling is in force, it has introduced tax on gambling and tax on technical games. They have replaced payments from lotteries. The state has acquired roughly Kc3.2bn from gambling and technical games in the first quarter of this year.

 

Collection of shares taxes in 2017 and 2018 (Kc bn):

 

VAT

corporate income tax

individual income tax (employees)

individual income tax (special rate)

individual income tax

(self-employed)

payments from lotteries

tax on gambling games excluding technical games

tax on technical games

collection as of March 29,2018

92.6

39.1

44.3

3.6

6.8

1

2.2

collection as of March 31,2017

81.9

38.6

38.4

3.4

7

0.8

 

Source: Financial Administration

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