Czech Republic to Consolidate Reduced VAT Rates and Introduce Zero Rate for Books in 2024

• Czech Republic plans to consolidate reduced VAT rates to 12% in 2024
• The Parliament’s Lower Chamber has approved a draft bill for the changes
• The new system aims to simplify and streamline the tax structure
• Certain supplies will see changes in their VAT rates, with some increasing to the standard rate of 21%
• Supplies subject to 10% and 15% reduced rates will now be subject to a single 12% rate
• Books will be exempt from VAT, a change from the current 10% rate
• The draft bill requires approval from the upper house of Parliament
• The changes are expected to increase efficiency and transparency in the VAT system and eliminate inconsistencies

Source: marosavat.com

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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