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Czech PM labels proposed bank tax as ‘nonsense’

Greek PM Tsipras

Czech Prime Minister Andrej Babiš has labelled a banking tax proposed by the country’s Social Democratic party – part of the ruling coalition – as “nonsense”.

Czech banks earned a combined net profit of 82.1 billion crowns (three billion euros) in 2018, up nine per cent year-on-year. The tax proposed by the Social Democrats would increase progressively from 0.05 per cent to 0.3 per cent, and it would bring the state budget an additional 14 billion crowns a year (544 million euros).

Source: emerging-europe

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