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Chamber approves new tax package

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The Chamber of Deputies voted in favour of the government’s version of a new tax package on Tuesday, countering an alternate version proposed by the Senate.

Among the highlights include a return to the CZK 2 million base for the calculation of flat-rate income tax deductions for sole-traders (from the current CZK 1 million) and simplified tax deductions for R&D costs.

In addition, heated tobacco products will now be taxed in the same manner as tobacco for smoking. The bill must now be signed into law by President Milos Zeman.

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