Competitiveness / Tax & Finance
This section feature research, opinion and progress reports on how the Czech Republic compares to other EU countries economically. It includes analysis of international rankings such as the WEF and World Bank.
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Spotlight issue
Czechs will Spend 181 Days Working to Pay Taxes as this Year’s Tax Freedom Day Falls on 30 June
This year, taxpayers in the Czech Republic will spend 181 days working to pay taxes, which is one day more than last year; after final recalculation, it was 180 days in 2019. According to Deloitte’s calculations, Tax Freedom Day will fall on 30 June 2019. Approximately the same case as in the Czech Republic will apply to the UK and Norway. Taxpayers will have to spend the most days paying taxes to the government in Denmark, while the fewest in Romania and Bulgaria.
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EY study: uncertainty reigns across international tax landscape
79% of global executives describe international tax environment as “uncertain”
82% experienced tax authority challenges to their transfer pricing over the past three years
Greatest impact of global tax reform to be felt in fundamental transfer pricing rules
Accelerated upheaval across the international tax landscape spurred by tax reforms across the world as well as initiatives such as the OECD’s digitalization effort have led to unprecedented uncertainty among global tax executives. This is according to the EY Transfer Pricing and International Tax Survey 2019, which surveyed more than 700 senior tax and transfer pricing executives representing the Americas, Europe and Asia-Pacific.
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EY: FinTech adoption rate has grown to 64% globally with 96% aware of at least one service
China and India lead emerging markets with 87% adoption
Netherlands, UK and Ireland lead developed economies, buoyed by open banking in Europe
Global SME FinTech adoption at 25%, China leads with 61% followed by the US (23%)
FinTech adoption rates rose to an average of 64% this year according to EY Global FinTech Adoption Index 2019. Emerging markets are leading the way with both China and India at 87%. Close behind are Russia and South Africa, both with 82% adoption. Among developed markets, the Netherlands (73%), the UK (71%) and Ireland (71%) lead in adoption, reflecting in part the development of open banking in Europe.
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J.P.Morgan: 2019 Global Payments Trends Report - European Overview: Czech Republic with Highest Predicted E-Commerce Growth
E-commerce growth as a whole across the European region remains strong. It is slowing slightly in more mature markets such as the United Kingdom, France and Germany. However, a number of smaller markets present compelling opportunities. Of the 18 European countries we examined, 10 are projected to enjoy double-digit e-commerce market expansion between now and 2021, with the Czech Republic (16 percent), Italy (14 percent) and Spain (13.5 percent) ranking highest for predicted growth, J.P.Morgan write in their 2019 Global Payments Trends Report - European Overview publication.
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