Mediafax (Mediafax)
Markets  |  September 12, 2012 10:30:05

MF: the Czech Republic, there is deterioration in the rating if pass tax changes


PRAGUE (MEDIAFAX) - Credit rating agency could lower ratings Czech Republic, if not pass tax changes, which should help to keep the state budget deficit for 2013 in the amount of 2.9 percent of GDP, on Wednesday informed the Ministry of Finance. Consolidation package last week blocked the six deputies ODS.

Agetura Moody's had warned in May that the political instability of the Czech Republic could be a decisive factor for the rating change. "Already released Sept. 7 that agency comments on the current political situation in the Czech Republic, specifically mentions the role of the six coalition MPs in blocking key legislation necessary to maintain the fiscal target 2.9 percent deficit for 2013," said Ondrej Jakob, print Ministry spokesman, according to which the deterioration in the rating by one notch to 10miliardové could mean an increase incost of servicing the national debt.

"If we do not continue to reduce the deficit, we would lose a laboriously constructed confidence in financial markets. Due to the fact you borrow much cheaper than many of the old EU countries, for those new to say nothing," said Finance Minister Miroslav Kalousek (TOP 09) package at the Cabinet of Prime Minister Petr Necas (ODS) in the last week again brought.

Straka Academy of package of changes, which for example are to increase VAT by one percentage point in both rates, we again went to the Chamber of Deputies, but this time it joined the government a vote of confidence. Coalition government is responding to a situation where six members of the ODS stabilization package returned Deputies of the Senate did not support.

"Since 2010, we have managed to save tens of billion in interest on the national debt. Loss of trust and deepening deficit, let us prepare for these significant savings," he argues for tax changes Kalousek.

Although the government has approved a proposal in the form in which it rejected the Chamber of Deputies, it is possible that the legislative process will undergo some more changes. MP Peter Tluchoř (ODS) hopes to find a solution that moves the package at least partly.

Rebellious MPs by Tluchoř not at first reading vote to reject the law. Support the reduction of the period of comitology to 30 days.

Government tax package includes a number of changes, among other things, for the fact that value added tax for the next three years will increase by one percentage point to 15 and 21 percent, or by employees of income above 100,000 crowns a month will paynew seven percent tax.

Jan Drahorád, drahorad@mediafax.cz

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MF: České republice hrozí zhoršení ratingu, pokud neprojdou daňové změny

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