Competitiveness / Tax & Finance
This section feature research, opinion and progress reports on how the Czech Republic compares to other EU countries economically. It includes analysis of international rankings such as the WEF and World Bank.
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Financial health of Czechs is threatened mainly by high energy prices, payments for energy burden Czech households' budgets almost the most in the EU
In the area of financial health, the Czech Republic ranked 13th in the EU comparison. Despite the fact that Czechs save on average about a fifth of their wages, over 60% of low-income households in our country have no financial reserves.The high energy costs, which rank us 3rd worst in the EU, are also a barrier to a better ranking. Moreover, the energy and inflation crisis is worsening the situation. This is according to the eighth pillar of the Czech Prosperity Index, which analyses 10 socio-economic indicators comparing the Czech Republic with other EU members.
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Citi celebrated 30 years of doing business in Czechia
Citi celebrated 30 years of doing business in Czechia last week. The bank was the first stop on the drive down Evropa from Letiste Airport for many investors, and finances many of the deals that transform the economy today, and will play a big role in reconstructing ukraine and building an integrated European market. We are glad to have their local and regional leader, Munir Nanji, sitting on our board.
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Banks have to focus on the quality of disclosed information on sustainability
The European Commission has made a point of finding a way to direct its financial resources on achieving a sustainable and competitive EU economy. For this purpose, it has decided to set the rules for disclosure of transparent information on sustainability for individual measures and sectors. The entire financial sector, banks, market participants and other institutions, and namely authorities responsible for the functioning and control of the financial market have to react to this development.
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Fall of Sberbank and guidelines for public procurers
The collapse of Russian Sberbank must also be dealt with by public procurers who have been using its services. It is not always necessary to conclude new banking contracts (e.g., credit or current accounts) via a procurement procedure: the law also defines situations where it is possible to conclude banking contracts in a more straightforward way.
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Worldwide VAT, GST and Sales Tax Guide 2022
Outlining value-added tax (VAT) systems in 142 jurisdictions, the 2022 edition of our annual reference book is now available to download as a pdf. All of the content is current as of 1 January 2022.
New chapters for 2022 include: Anguilla, Bhutan, Cambodia, Congo (Republic of the), Lao (People’s Democratic Republic of) and Sri Lanka. The Oman chapter has also been updated to reflect the new VAT law.
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