Tuesday, 31 December 2019

Czech banks avoid new tax by yielding to premier's fund plan

Bloomberg |
21 May 2019

Czech banks have agreed to contribute a modest portion of their profits to a national development fund to avoid a threat of special taxes that earlier afflicted their eastern European peers. Prime Minister Andrej Babis said on Monday he wants the units of Société Générale, Erste Bank, KBC and UniCredit to jointly pay an initial CZK 6 billion to the proposed fund in 2020 that would help finance public-investment projects. He wants others to join in as contributors later.