iPoint (iPoint.cz)
Macroeconomics  |  July 20, 2012 15:32:27

What is the real impact of higher VAT rates on the underside of the Czech consumer? Special with analysts MS



iPoint.czIn connection with the approval of budgetary measures for 2013 and after the publication of this budget debate got under way about how great the impact of the January increase of the lower VAT rate. This article is a tiny contribution to the debate, which is unfortunately often carries personal attacks is in the plane and not in terms of facts and figures.

So first the facts: 1) for the first 6 months of 2012, the VAT on selected CZK 92.1 billion, which was less than CZK 2.5 billion less than it was in the same period of 2011. 2) household consumption data by CSO in the 1st compared to fourth quarter 2012 quarter of 2011 actually fell by 2.3%, the highest QoQ decline at all (we have data since 1996). Comparatively large drop was only in the 1 quarter of 1998 (-1.7%).While some critics of the steps the government sees this causality, the Ministry of Finance opposes that causality can not be clearly determined in the direction of higher VAT › reported lower household consumption (which is strictly speaking true: even if the introduction of VAT consumption dropped, it could mean that people more care that the food you buy, actually consumed and to throw them out of date).

How seriously is reflected in an increase in the lower VAT rate in the Czech consumer behavior reveals David Navratil of the Czech Savings Bank in the special iPOINT

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