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taxes Lower could save people over Kc4,000 annually --Sobotka Lower taxes could save people over Kc4,000 annually --Sobotka PRAGUE- The planned tax cuts would save people more than Kc4,000 as of next year, in line with the proposal of Finance Minister Bohuslav Sobotka discussed today by the Social Democrats' CSSD presidium and available to CTK. People earning under Kc20,000 monthly would benefit the most. The tax cuts would concern 90 pct of the country's population. The tax cuts would reduce state budget revenues by Kc9.5bn next year and by Kc12bn in 2007. Sobotka believes that the shortfall will be offset by a faster growth of the economy and higher revenue from excise duty and VAT which were raised last year. The lowest income tax rate will be lowered from the current 15 to 12 pct, and will apply to income of up to Kc121,200 annually, against the limit of Kc109.200 valid at present. The second lowest tax rate will be cut from 20 to 19 pct and will apply to income of up to Kc218,400 as at present. Sobotka also wants to replace all tax deductibles by tax relief. Instead of the universal Kc38,040 deductible, the sum of Kc7,200 would deducted be from the tax. Similar tax relief would be introduced for dependent spouses, students, and the handicapped, for example. Sobotka claims that while his proposal benefits people with lower incomes, the flat tax proposed by opposition Civic Democratic Party ODS would benefit people with higher incomes. Sobotka's proposal has been approved by the CSSD presidium today and will be submitted to the other coalition parties. Coalition Christian Democrats KDU-CSL are in favour of all tax cuts. The smallest coalition party, Freedom Union US-DEU, wants taxes to be cut to a half for all people. Autor: TK; ( TK) 18:21 - 11.02.2005 Vyti t no ze serveru: esk Noviny Adresa l nku je: http://www.ceskenoviny.cz/news/index_view.php?id=115138 Copyright 1996-2003, Neris s.r.o., agentura TK pro Internet a nov m dia V echna pr va vyhrazena. Ur eno jen pro osobn vyu it . Bez p edchoz ho p semn ho souhlasu Neris s.r.o. je zak z na jak koli dal publikace, p eti t n nebo distribuce jak hokoli materi lu nebo sti materi lu uve ejn n ch na webech Neris.

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