The Olomouc tax office has come under fire for asking close to one hundred newlywed couples to provide financial details regarding their wedding feast and number of guests who attended. The case has thrown a negative light on the law on electronic cash registers which has already been criticized by the opposition for invading people’s privacy and putting an excessive administrative burden on entrepreneurs.
The International Monetary Fund has revised down its estimate for global
economic growth by 0.2 percentage points to 3.7 percent, for this and next
The growth estimate for the Czech Republic in 2018 was also downgraded to 3.1 percent from a previous forecast of 3.7 percent. The growth estimate for 2019 is currently at 3.0.
The PPF Group controlled by Czech billionaire Petr Kellner is looking to sell its commercial lender Air Bank and consumer loans arm Home Credit to the Prague-listed lender Moneta Money Bank. The deal would create the third-largest bank by network in the Czech Republic, and the fifth largest by assets.
Unemployment in Prague fell to 2.1 percent in September, down 0.1
percentage points compared to August.
The Czech capital has the fourth-lowest unemployment rate among the regions, after those of Pardubice (at 1.9 percent) and Pilsen and South Bohemia (both at 2 percent).
The Moravian-Silesian Region has the highest rate of unemployment (at 4.6 percent) followed by the Ústí nad Labem region (at 4.5 percent).
That national unemployment rate is currently under 3 percent, the lowest level in 22 years.
The annual inflation rate grew to 2.6 percent in September up from 2.5
percent the previous month, according to a poll of analysts by the Czech
This increase stems mainly from rising housing costs, as well as electricity and fuel prices, the analysts said. Strong economic growth accompanied by rapid wage growth is also a factor, while the Czech crown remains relatively weak.
The Czech Statistical Office is due to publish official data on September inflation on Tuesday.
Unemployment dropped slightly in September, according to a poll of analysts
by the Czech News Agency. Official statistics from the Labour Office show
unemployment stood at 3.1 percent in August.
The consensus among analysts is unemployment dropped a further 0.1 percent last month due to regular seasonal factors, namely an increase in hiring after the summer months. The Labour Office is due to publish official figures on October 8.
The availability of housing in the Czech Republic is the worst in Europe, with a new flat amounting to 11.3 multiple of an average annual income, suggests a study carried out by the international consultancy Deloitte in 14 European countries. Last year, Czechs needed 10.9 of an average annual income to buy a new 70 m2 flat.
The European Council on Tuesday approved a proposal that will allow EU member states that have a problem with carousel tax fraud to apply a generalized reversal of VAT liability. This is something Czech Prime Minister Andrej Babiš has fought for for four and a half years on the argument that use of reverse charge could save the EU a large part of the around 170 billion euros lost every year in unpaid VAT.
Stricter mortgage rules, in force since October, apply not only to new
contracts but also to refinancing existing housing loans, the business
daily Hospodářské noviny writes, citing a central bank spokesperson.
According to the report, this is in direct contradiction with what the Czech National Bank governor Jiří Rusnok said in June, taking some commercial lenders by surprise.
It takes Czechs considerably longer on average to save to purchase an
apartment than people in other European states, suggests a new study
produced by consultants Deloitte.
Comparing 12 states last year, the report found that a new flat in the Czech Republic is equivalent to 11.3 years of average pay. Belgians, meanwhile, need the equivalent of 3.7 years’ salary to cover the price of a property of 70 metres squared.
A lack of new apartments on the market is one factor forcing property prices up in the Czech Republic, said a representative of Deloitte. Mortgage regulations, lengthy permit procedures, high taxation and consumer sentiment are other factors.
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