Report Highlights Czech VAT Collection Shortcomings

A new report from the Czech Supreme Audit Office has revealed failings by Czech tax authorities to improve value-added tax (VAT) collections since 2008. The five-year shortfall seen in VAT receipts relative to budgetary targets expanded further in 2012 despite a hike to the lower rate last year.

From January 1, 2012, the Czech lower rate of VAT was hiked from 10 percent to 14 percent aimed at boosting VAT collections by CZK21.3bn. However, the Supreme Audit Office’s report identifies that there was a VAT shortfall of CZK21.9bn last year, the most significant since the start of the financial crisis. An unexpected fall in consumer consumption was cited as contributing to the under-performance, but the report also identified indications of higher levels of tax evasion and fraud.”

They need to take a leaf from HMRC’s book and look more closely at their cricket clubs!

http://www.tax-news.com/news/Report_Highlights_Czech_VAT_Collection_Shortcomings____61023.html

Eamon McNicholas
Tax Barrister, Accountant

Advertisements

About Eamon McNicholas

Tax Barrister, Accountant www.EamonMcNicholas.com
This entry was posted in Tax and Accounting News and tagged , , , , , , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s